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Golden Lee Scott, Executive Vice President and Chief Medical (TASE:BLWV) Officer at PTC (NASDAQ:PTC) Therapeutics, Inc. (NASDAQ:PTCT), has recently sold shares of the company’s common stock. According to a filing with the Securities and Exchange Commission, Scott sold a total of 1,757 shares over two consecutive days, February 19 and February 20, 2025. The transaction comes as PTC Therapeutics’ stock trades near its 52-week high, having delivered an impressive 94% return over the past year. According to InvestingPro analysis, the company appears to be trading above its Fair Value.
The stock sales were executed at prices ranging from $50.096 to $50.124 per share, resulting in a total transaction value of approximately $88,045. Following these transactions, Scott retains ownership of 76,894 shares in PTC Therapeutics.
These sales were part of an automatic sell to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) granted in February 2024.
In other recent news, PTC Therapeutics reported that its unaudited total revenue for 2024 reached approximately $814 million, surpassing its revenue guidance. This achievement was largely driven by the company’s Duchenne Muscular Dystrophy franchise, with significant sales from Translarna™ and Emflaza®. Additionally, the FDA has granted Priority Review status to PTC Therapeutics’ New Drug Application for vatiquinone, aimed at treating Friedreich’s ataxia, with a target action date set for August 19, 2025. The acceptance of this application marks a significant step forward for the company in addressing a condition with high unmet medical needs.
In terms of analyst perspectives, TD Cowen raised its price target for PTC Therapeutics to $60, maintaining a Buy rating, following the acceptance of the vatiquinone NDA. Cantor Fitzgerald also expressed optimism by lifting its price target to $113, citing a positive outlook on the company’s financial health and potential approval prospects. Meanwhile, Cowen adjusted its price target to $50, maintaining a Hold rating, reflecting their updated financial model and expectations.
Furthermore, PTC Therapeutics closed a significant license and collaboration agreement with Novartis (SIX:NOVN) for the PTC518 program, securing $1.0 billion in upfront proceeds and potential additional milestones. The company reported a strong cash balance of approximately $1.1 billion as of December 31, 2024, expected to support ongoing operations and pipeline investments. These developments have positioned PTC Therapeutics for potential growth in addressing rare disorders through its diverse pipeline and strategic collaborations.
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