Insider Selling: PTC Therapeutics, Inc. (NASDAQ:PTCT) Director Sells 5,000 Shares of Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) Director Stephanie Okey sold 5,000 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $54.00, for a total value of $270,000.00. Following the sale, the director now directly owns 8,867 shares of the company’s stock, valued at $478,818. This represents a 36.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

PTC Therapeutics Price Performance

PTCT traded up $2.67 during trading on Monday, reaching $57.17. The company had a trading volume of 828,107 shares, compared to its average volume of 731,511. The business’s fifty day moving average price is $48.60 and its 200 day moving average price is $43.63. PTC Therapeutics, Inc. has a 12 month low of $24.00 and a 12 month high of $58.99. The company has a market cap of $4.51 billion, a P/E ratio of -9.62 and a beta of 0.66.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of PTC Therapeutics by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after purchasing an additional 53,688 shares during the period. Toronto Dominion Bank bought a new position in shares of PTC Therapeutics during the fourth quarter worth about $148,363,000. State Street Corp raised its position in PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after buying an additional 149,700 shares during the last quarter. Janus Henderson Group PLC lifted its stake in PTC Therapeutics by 24.4% in the 4th quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock valued at $105,015,000 after acquiring an additional 455,698 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in PTC Therapeutics by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after acquiring an additional 10,886 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PTCT shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Wells Fargo & Company increased their price target on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Scotiabank assumed coverage on PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 price objective for the company. StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Finally, The Goldman Sachs Group raised their target price on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a report on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.00.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.