Insider Selling: PTC Therapeutics, Inc. (NASDAQ:PTCT) CEO Sells 8,279 Shares of Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) CEO Matthew B. Klein sold 8,279 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the sale, the chief executive officer now owns 217,528 shares of the company’s stock, valued at $9,823,564.48. This represents a 3.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

PTC Therapeutics Trading Up 1.4 %

Shares of NASDAQ PTCT opened at $46.54 on Monday. The stock has a market cap of $3.59 billion, a P/E ratio of -7.84 and a beta of 0.62. The business’s fifty day simple moving average is $44.78 and its 200-day simple moving average is $38.13. PTC Therapeutics, Inc. has a 12-month low of $23.58 and a 12-month high of $54.16.

Wall Street Analyst Weigh In

Several research firms have issued reports on PTCT. Citigroup raised their target price on PTC Therapeutics from $26.00 to $32.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Robert W. Baird boosted their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $67.00 in a research note on Friday, December 13th. Wells Fargo & Company boosted their price target on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, PTC Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $54.08.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in shares of PTC Therapeutics by 17.1% during the second quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock worth $8,533,000 after buying an additional 40,840 shares in the last quarter. Rhumbline Advisers increased its position in shares of PTC Therapeutics by 6.7% in the 2nd quarter. Rhumbline Advisers now owns 116,396 shares of the biopharmaceutical company’s stock valued at $3,559,000 after purchasing an additional 7,314 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of PTC Therapeutics by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 19,301 shares of the biopharmaceutical company’s stock valued at $590,000 after purchasing an additional 636 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of PTC Therapeutics during the 2nd quarter worth $128,000. Finally, Choreo LLC grew its stake in shares of PTC Therapeutics by 4.1% during the second quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company’s stock worth $356,000 after purchasing an additional 452 shares in the last quarter.

About PTC Therapeutics

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.