Hedge funds cut NFLX, keep big bets on MSFT, AMZN, add NVDA
Neil Gregory Almstead, the Chief Technical Operations Officer at PTC (NASDAQ:PTC) Therapeutics (NASDAQ:PTCT), recently sold shares of the company totaling $147,627. The transactions took place over two days, February 19 and 20, 2025, with prices ranging from $50.096 to $50.124 per share. The sales occur as PTCT trades near its 52-week high of $54.16, having delivered an impressive 94% return over the past year. According to InvestingPro analysis, the stock is currently trading above its Fair Value.
On February 19, Almstead sold 1,300 shares at $50.096 each, and an additional 34 shares, held indirectly by his spouse, at the same price. The following day, February 20, he sold 1,578 shares at $50.124 per share, along with another 34 shares held by his spouse at the same price. With the company’s next earnings report scheduled for February 27, investors can access comprehensive insider trading analysis and 10+ additional key insights through InvestingPro.
These sales were part of an automatic sell to cover election, aimed at satisfying tax withholding obligations related to the vesting of restricted stock units (RSUs). Following these transactions, Almstead holds 100,353 shares directly and 5,907 shares indirectly through his spouse. The transactions come as PTC Therapeutics maintains a GOOD overall financial health score, with liquid assets exceeding short-term obligations.
In other recent news, PTC Therapeutics announced that its unaudited total revenue for 2024 reached approximately $814 million, surpassing its revenue guidance. This financial performance was significantly supported by the Duchenne Muscular Dystrophy franchise, which includes products like Translarna™ and Emflaza®. PTC Therapeutics also reported a strong cash balance of around $1.1 billion as of the end of 2024. In addition, the company has submitted four regulatory applications to the FDA, with its gene therapy Kebilidi™ receiving approval in November 2024.
The FDA has granted Priority Review status to PTC Therapeutics’ New Drug Application for vatiquinone, a potential treatment for Friedreich’s ataxia, with a target action date set for August 19, 2025. TD Cowen raised the stock’s price target to $60, maintaining a Buy rating, following the acceptance of the NDA for vatiquinone. Cantor Fitzgerald also increased the price target for PTC Therapeutics to $113, citing a positive outlook and a strong financial position. Meanwhile, Cowen updated its price target to $50, maintaining a Hold rating, reflecting recent industry and market developments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.