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Matthew B. Klein, Chief Executive Officer of PTC Therapeutics, Inc. (NASDAQ:PTCT), recently sold a total of 7,792 shares of the company’s common stock over two consecutive days. The transactions, disclosed in a recent SEC filing, were executed on February 19 and 20, 2025. The sale comes as PTC (NASDAQ:PTC)’s stock trades near its 52-week high, having delivered a remarkable 94% return over the past year. According to InvestingPro analysis, the company’s market capitalization stands at $3.93 billion.
On February 19, Klein sold 3,897 shares at a price of $50.096 per share, followed by the sale of an additional 3,895 shares on February 20 at $50.124 per share. The total value of these sales amounted to $390,457.
Following these transactions, Klein’s direct ownership stands at 276,038 shares. The sales were carried out as part of an automatic sell-to-cover arrangement to satisfy tax withholding obligations related to the vesting of restricted stock units (RSUs).
In other recent news, PTC Therapeutics reported unaudited total revenue of approximately $814 million for 2024, surpassing its previous revenue guidance. The company’s financial performance was significantly driven by its Duchenne Muscular Dystrophy franchise, particularly through the sales of Translarna™ and Emflaza®. Additionally, PTC Therapeutics has submitted four regulatory applications to the FDA, with Kebilidi™ already receiving approval in November 2024. The company is also preparing for the global launch of sepiapterin, with regulatory decisions anticipated in 2025. In a notable business development, PTC closed a license and collaboration agreement with Novartis (SIX:NOVN) for the PTC518 program, securing $1 billion in upfront proceeds and potential additional milestones. Analyst firms have shown optimism, with TD Cowen raising the stock target to $60 and Cantor Fitzgerald increasing it to $113, reflecting confidence in PTC’s pipeline and financial health. The FDA has granted Priority Review status to PTC’s New Drug Application for vatiquinone, targeting Friedreich’s ataxia, with a decision expected by August 2025. These recent developments underscore PTC Therapeutics’ strategic advancements and financial achievements.
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