Lee Scott Golden, the executive vice president of PTC Therapeutics, Inc. (NASDAQ:PTCT), executed a stock sale on January 7, 2024, selling 642 shares at an average price of $77.48. The total transaction amounted to $49,742.16, resulting in a reduction of 0.68% in his holdings. Post-transaction, Golden retains ownership of 93,294 shares, valued at approximately $7,228,419.12. This sale was disclosed in a filing with the Securities and Exchange Commission (SEC).
On January 8, 2024, shares of PTC Therapeutics traded down by $0.39, closing at $76.85. The trading volume reached 1,625,361 shares, slightly below the average volume of 1,684,365 shares. Over the past year, the stock has fluctuated between a low of $35.95 and a high of $87.50. Currently, PTC Therapeutics holds a market capitalization of $6.17 billion, with a price-to-earnings (PE) ratio of 8.98 and a beta of 0.49.
Market Analysts and Hedge Fund Activity
Recent reports from various brokerages provide insights into PTC Therapeutics’ stock performance. The Goldman Sachs Group adjusted its price target from $44.00 to $50.00, maintaining a “sell” rating. In contrast, Citigroup raised its price objective from $50.00 to $75.00, assigning a “neutral” rating. Other firms, including Wells Fargo & Company, increased their target price from $73.00 to $93.00 and rated the stock as “overweight.”
Investment analysts have given PTC Therapeutics a mixed bag of ratings, with nine recommending a “buy,” seven advising a “hold,” and one suggesting a “sell.” According to MarketBeat, the consensus rating currently stands at “hold,” with an average price target of $77.27.
Institutional investors have also been active in the stock. Smartleaf Asset Management LLC boosted its holdings by 101.3% during the third quarter, now owning 469 shares valued at around $28,000. Other notable increases in ownership include Optiver Holding B.V., which raised its stake by 96.5%, and Comerica Bank, which grew its position by an impressive 868.5%, now holding 523 shares valued at approximately $32,000.
About PTC Therapeutics
Founded in 1998, PTC Therapeutics, Inc. is dedicated to developing therapies for rare genetic disorders. The company focuses on discovering small molecule and biologic therapies, emphasizing innovative mechanisms such as nonsense suppression and RNA modulation. Among its products is Translarna (ataluren), a pioneering therapy for treating nonsense mutation Duchenne muscular dystrophy in select markets.
As PTC Therapeutics continues to navigate the complexities of the biopharmaceutical landscape, the recent stock activity reflects ongoing investor interest and market dynamics surrounding its innovative approaches to treatment.
