Mark Elliott Boulding, the Vice President of PTC Therapeutics, Inc. (NASDAQ: PTCT), sold 1,739 shares of the company’s stock on January 6, 2024. The shares were sold at an average price of $76.95, resulting in a total transaction value of $133,816.05. Following this sale, Boulding retains ownership of 119,162 shares, valued at approximately $9,169,515.90, reflecting a 1.44% decrease in his position.
The transaction was officially disclosed in a filing with the Securities and Exchange Commission (SEC). Boulding’s recent trading activity includes additional sales on January 7, where he sold 4,879 shares for a total of $377,829.76 at an average price of $77.44. On January 5, he sold 2,266 shares for $171,196.30 at an average price of $75.55, and on November 17, 2023, he sold 2,812 shares for $213,683.88 at an average price of $75.99.
Current Trading Performance and Analyst Insights
On January 7, PTC Therapeutics shares experienced a slight decline of 0.5%, trading at $76.85. During this trading session, approximately 1,625,361 shares changed hands, compared to the stock’s average volume of 1,684,365 shares. The company currently boasts a market capitalization of $6.17 billion and a price-to-earnings ratio of 8.98, with a beta of 0.49. Over the past year, the stock has ranged from a low of $35.95 to a high of $87.50.
Wall Street analysts have provided mixed evaluations of PTC Therapeutics. On January 4, Morgan Stanley reaffirmed their “overweight” rating with a price target of $90.00. Meanwhile, Royal Bank of Canada adjusted their rating from “outperform” to “sector perform,” raising their target price from $82.00 to $91.00. Jefferies Financial Group increased their price target from $63.00 to $77.00 and maintained a “buy” rating. Wells Fargo & Company set a new price objective of $93.00 while also issuing an “overweight” rating.
Despite these endorsements, analysts have expressed caution due to recent insider selling activity. During early January, several executives, including Boulding, sold significant numbers of shares, which may affect investor sentiment.
Hedge Fund Activity and Company Overview
Recent data reveals that hedge funds are actively modifying their holdings in PTC Therapeutics. Smartleaf Asset Management LLC increased its position by 101.3% in the third quarter, acquiring an additional 236 shares to bring their total to 469 shares. Similarly, Optiver Holding B.V. and Comerica Bank also boosted their stakes, reflecting a growing interest in the biopharmaceutical sector.
PTC Therapeutics focuses on developing therapies for rare genetic disorders. Founded in 1998, the company aims to address unmet medical needs through innovative treatments. One of its notable products is Translarna (ataluren), a first-in-class therapy for treating nonsense mutation Duchenne muscular dystrophy in select markets.
As the company navigates market dynamics and insider trading activity, PTC Therapeutics remains a focal point for investors and analysts alike. The ongoing developments will likely influence its stock performance and strategic direction in the near future.
