Christine Marie Utter, Senior Vice President and Chief Accounting Officer at PTC Therapeutics, Inc. (NASDAQ:PTCT), recently sold shares of the company’s common stock totaling $132,492. The transactions occurred on January 7 and January 8, with shares sold at prices ranging from $44.50 to $45.34 each. The sales come as PTC (NASDAQ:PTC) Therapeutics, currently valued at $3.4 billion, shows strong momentum with a 56% return over the past year and maintains a GOOD financial health score according to InvestingPro analysis. For deeper insights into insider transactions and comprehensive financial analysis, InvestingPro offers detailed research reports covering over 1,400 US stocks.
The first transaction involved the sale of 1,291 shares on January 7 at a price of $45.34 per share. This sale was part of an automatic transaction to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) granted in January 2023. Following this transaction, Utter held 65,983 shares. Analysts maintain mixed views on the stock, with price targets ranging from $32 to $80 per share.
On January 8, Utter sold an additional 1,662 shares at $44.50 per share. This sale was also an automatic transaction to satisfy tax withholding obligations from the vesting of RSUs granted in January 2021 and 2022. After this transaction, her total holdings amounted to 64,321 shares.
These transactions were conducted as part of pre-arranged plans to cover tax liabilities associated with vested RSUs and are not indicative of any strategic shift in Utter’s investment in the company.
In other recent news, TD Cowen analyst Joseph Thome outlined ten anticipated biotech catalysts for 2025, including ANAB’s expected release of Phase II rheumatoid arthritis data for Rosnilimab and UTHR’s extension of its Tyvaso treatment to a Phase III idiopathic pulmonary fibrosis program. QURE is working towards submitting an accelerated approval application for AMT-130 in Huntington’s disease, while ALKS and JAZZ are preparing for Phase II and III data releases, respectively. PRME, XENE, PTCT, RAPP, and CMRX are also expecting significant clinical and regulatory milestones.
PTC Therapeutics has amended its lease agreement with Warren CC Acquisitions, reducing its rented space by half and adjusting financial terms. The company has also submitted an FDA application for a Friedreich ataxia (FA) treatment, vatiquinone, marking a significant development. Furthermore, Morgan Stanley (NYSE:MS) upgraded PTC Therapeutics from Equalweight to Overweight and set a new price target of $67.00.
PTC Therapeutics announced a collaboration with Novartis (SIX:NOVN) on the drug candidate PTC518 for the treatment of Huntington’s disease. The deal includes a $1.0 billion upfront payment and potential for up to $1.9 billion in future milestone payments. The company also reported strong third-quarter earnings with total revenue of $197 million, largely driven by its Duchenne muscular dystrophy franchise. Citi increased its price target on shares of PTC Therapeutics to $32.00, maintaining a Sell rating. These are the recent developments in the biotech sector.
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