Insider Selling: PTC Therapeutics (NASDAQ:PTCT) Director Sells 10,000 Shares

PTC Therapeutics, Inc. (NASDAQ:PTCT) Director Michael Schmertzler sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $67.12, for a total value of $671,200.00. Following the completion of the sale, the director directly owned 1,306,594 shares of the company’s stock, valued at approximately $87,698,589.28. This represents a 0.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Schmertzler also recently made the following trade(s):

• On Wednesday, September 9th, Michael Schmertzler sold 10,000 shares of PTC Therapeutics stock. The stock was sold at an average price of $67.84, for a total transaction of $678,400.00.
• On Wednesday, August 26th, Michael Schmertzler sold 12,500 shares of PTC Therapeutics stock. The stock was sold at an average price of $72.94, for a total transaction of $911,750.00.
• On Wednesday, August 19th, Michael Schmertzler sold 12,500 shares of PTC Therapeutics stock. The shares were sold at an average price of $73.32, for a total transaction of $916,500.00.

PTC Therapeutics Stock Performance

Shares of PTCT stock traded down $2.63 on Friday, hitting $65.37. 3,864,982 shares of the company’s stock traded hands, compared to its average volume of 1,388,480. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of -112.71, a P/E/G ratio of 2.09 and a beta of 0.55. The company’s fifty day simple moving average is $72.66 and its 200 day simple moving average is $72.15. PTC Therapeutics, Inc. has a one year low of $57.74 and a one year high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative net margin of 3.80% and a negative return on equity of 362.45%. The business had revenue of $360.52 million during the quarter, compared to the consensus estimate of $298.63 million. During the same period in the previous year, the firm posted ($0.83) earnings per share. The firm’s revenue for the quarter was up 101.5% on a year-over-year basis. As a group, sell-side analysts anticipate that PTC Therapeutics, Inc. will post 1.17 earnings per share for the current fiscal year.

Institutional Trading of PTC Therapeutics

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in PTC Therapeutics during the 2nd quarter valued at $1,139,089,000. Jupiter Topco LLC purchased a new stake in shares of PTC Therapeutics in the 2nd quarter worth about $590,182,000. Janus Henderson Group PLC boosted its stake in shares of PTC Therapeutics by 48.3% during the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company’s stock valued at $489,997,000 after purchasing an additional 2,342,101 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of PTC Therapeutics during the second quarter valued at about $140,520,000. Finally, Bank of America Corp DE purchased a new position in shares of PTC Therapeutics during the second quarter valued at about $118,462,000.

Wall Street Analysts Forecast Growth

PTCT has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on PTC Therapeutics from $93.00 to $104.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Royal Bank Of Canada lifted their price target on PTC Therapeutics from $82.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Cantor Fitzgerald boosted their price objective on PTC Therapeutics from $124.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Citigroup raised PTC Therapeutics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Finally, Leerink Partners initiated coverage on shares of PTC Therapeutics in a research note on Monday. They issued an “outperform” rating and a $98.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PTC Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $98.50.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.

PTC’s commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.