PTC Therapeutics CFO sells $117,006 in stock

Gravier Pierre, the Chief Financial Officer of PTC Therapeutics, Inc. (NASDAQ:PTCT), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place over two consecutive days, involved the sale of 2,335 shares at prices ranging from $50.096 to $50.124 per share, totaling approximately $117,006. The sale occurs as PTC Therapeutics trades near its 52-week high of $54.16, with the stock delivering an impressive 94% return over the past year, according to InvestingPro data.

Following these transactions, Pierre retains ownership of 74,436 shares in the company. The sales were executed as part of an automatic sell to cover tax obligations related to the vesting of restricted stock units (RSUs) granted in February 2024. With a market capitalization of $3.93 billion and a healthy current ratio of 2.1, the company maintains strong liquidity position. Investors can access detailed analysis and 10+ additional key insights through InvestingPro’s comprehensive research report.

In other recent news, PTC Therapeutics reported unaudited total revenue of approximately $814 million for 2024, surpassing its revenue guidance. This financial performance was largely driven by its Duchenne Muscular Dystrophy franchise, with significant contributions from products like Translarna™ and Emflaza®. Additionally, PTC Therapeutics submitted four regulatory approval applications to the FDA in 2024, including the gene therapy Kebilidi™, which was approved in November. The company also announced a license and collaboration agreement with Novartis (SIX:NOVN) for the PTC518 program, securing $1.0 billion in upfront proceeds and potentially up to $1.9 billion in additional milestones.

Furthermore, TD Cowen raised its price target for PTC Therapeutics to $60, maintaining a Buy rating following the acceptance of the New Drug Application for vatiquinone aimed at treating Friedreich’s ataxia. The FDA granted this application Priority Review status, indicating a faster review process due to the drug’s potential significant impact on treatment. Cantor Fitzgerald also increased its price target to $113, citing the company’s strong financial position and the promising outlook for sepiapterin, a drug with projected peak sales of $1.5 billion in the U.S. and European markets. Meanwhile, Cowen adjusted its price target to $50, maintaining a Hold rating, reflecting updated financial models and expectations for PTC (NASDAQ:PTC)’s performance. These developments highlight the company’s ongoing progress and strategic initiatives in the biopharmaceutical industry.

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