Neil Gregory Almstead, the Chief Technical Officer of PTC Therapeutics, Inc. (NASDAQ:PTCT), a $3.8 billion market cap biotech company, has recently reported significant stock transactions, according to a Form 4 filing with the Securities and Exchange Commission. On December 2, Almstead executed multiple transactions involving the company's common stock, amid the company's impressive 98% stock surge over the past year. According to InvestingPro analysis, PTCT appears to be trading near its Fair Value, with analyst price targets ranging from $26 to $80.
The transactions included a series of sales totaling approximately $3.62 million. The shares were sold at prices ranging from $51.85 to $52.73 per share. These sales were part of a pre-established trading plan under Rule 10b5-1.
Additionally, Almstead exercised stock options, acquiring shares at a price of $51.00 per share, with a total value of approximately $3.55 million.
This activity reflects Almstead's ongoing management of his investment in PTC (NASDAQ:PTC) Therapeutics, with the transactions resulting in a post-transaction ownership of 94,813 shares.
In other recent news, PTC Therapeutics has been the subject of significant financial adjustments and strategic partnerships. The company has announced a collaboration with Novartis (SIX:NOVN) on the drug candidate PTC518, which is being evaluated for the treatment of Huntington's disease. The terms of the agreement include a $1.0 billion upfront payment, a profit share in the US and for Novartis, double-digit royalties outside the US, and the potential for up to $1.9 billion in future milestone payments.
Citi has increased its price target on PTC Therapeutics shares to $32.00, while maintaining a Sell rating. Goldman Sachs has also adjusted its outlook, raising its price target to $42.00, yet continuing to recommend a Sell on the stock. On the other hand, Baird has raised the price target for PTC Therapeutics to $70.00 and retained an Outperform rating.
PTC Therapeutics reported strong third-quarter earnings with total revenue of $197 million, largely driven by the Duchenne muscular dystrophy franchise. The company has raised its 2024 revenue outlook to between $750 million and $800 million and is preparing for global product launches, including those of sepiapterin and vatiquinone, with potential revenue exceeding $1 billion in the U.S. alone. These are the latest developments in PTC Therapeutics' operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.