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Eric Pauwels, the Chief Business Officer of PTC (NASDAQ:PTC) Therapeutics, Inc. (NASDAQ:PTCT), a $4.4 billion market cap biotech company, recently sold shares of the company’s common stock totaling $630,104. The transactions occurred over two days, March 14 and March 17, according to a filing with the Securities and Exchange Commission. According to InvestingPro data, the stock has surged 97% over the past year.
On March 14, Pauwels sold 4,458 shares at an average price of $55.19 per share. The following day, March 17, he continued with several transactions: selling 2,037 shares at an average price of $55.24, 1,085 shares at $56.62, 3,340 shares at $57.67, and 300 shares at $58.31. These sales were executed under a prearranged trading plan, as noted in the filing. Notably, these transactions occurred as the stock trades near its 52-week high of $58.38.
Following these transactions, Pauwels holds 72,640 shares of PTC Therapeutics. The stock sales were conducted at prices ranging from $55.19 to $58.31 per share. InvestingPro analysis indicates the stock is currently overbought, with additional technical indicators and insights available to subscribers. Despite recent losses, the company maintains strong liquidity with a current ratio of 2.35.
In other recent news, PTC Therapeutics reported its Q4 2024 earnings, showing a slight miss in earnings per share (EPS) with an actual EPS of -$0.85 compared to the forecasted -$0.79. However, the company met its revenue expectations, posting $213 million for the quarter and achieving a full-year revenue of $877 million, surpassing its guidance. Bank of America Securities recently upgraded PTC Therapeutics’ stock from Underperform to Neutral, with a new price target of $55, citing the FDA’s expedited review of vatiquinone, a drug for Friedrich’s ataxia. Scotiabank (TSX:BNS) also initiated coverage on PTC Therapeutics with a Sector Perform rating and a price target of $55, reflecting a view that the stock is fairly valued. Meanwhile, Cantor Fitzgerald maintained its Overweight rating on the company with a price target of $113, adjusting its financial model to align with PTC Therapeutics’ updated guidance. The company ended 2024 with over $1.1 billion in cash reserves, strengthened by a $1 billion payment from Novartis (SIX:NOVN). These developments indicate a period of strategic growth and financial stability for PTC Therapeutics.
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