PTC Therapeutics (NASDAQ:PTCT – Get Free Report) declared that its board has authorized a share buyback program on Tuesday, November 3rd, RTT News reports. The company plans to buy back $500 million in shares. This repurchase authorization allows the biopharmaceutical company to repurchase up to 9.8% of its stock through open market purchases. Share repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
PTC Therapeutics Stock Performance
NASDAQ PTCT traded up $7.24 during trading hours on Tuesday, hitting $68.12. 2,643,738 shares of the company’s stock were exchanged, compared to its average volume of 1,101,059. The business’s 50 day moving average is $65.12 and its 200-day moving average is $70.66. PTC Therapeutics has a 12-month low of $58.80 and a 12-month high of $90.87.
PTC Therapeutics (NASDAQ:PTCT – Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.76). The firm had revenue of $357.81 million during the quarter, compared to analyst estimates of $306.43 million. During the same period last year, the firm posted $0.20 EPS. The firm’s revenue was up 69.6% on a year-over-year basis. On average, research analysts predict that PTC Therapeutics will post 0.75 earnings per share for the current year.
Analyst Ratings Changes
Several research analysts have recently commented on the company. Zacks Research lowered PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Wall Street Zen lowered PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday. Cantor Fitzgerald boosted their price objective on PTC Therapeutics from $130.00 to $137.00 and gave the company an “overweight” rating in a research note on Tuesday, September 22nd. Citigroup increased their price target on PTC Therapeutics from $108.00 to $109.00 and gave the stock a “buy” rating in a report on Monday. Finally, Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $109.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $95.71.
Check Out Our Latest Analysis on PTC Therapeutics
Insider Buying and Selling at PTC Therapeutics
In related news, Director Michael Schmertzler sold 12,500 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $72.94, for a total transaction of $911,750.00. Following the completion of the transaction, the director directly owned 1,349,094 shares in the company, valued at $98,402,916.36. This represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Boulding sold 2,813 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $72.57, for a total transaction of $204,139.41. Following the completion of the transaction, the vice president owned 105,272 shares of the company’s stock, valued at approximately $7,639,589.04. This trade represents a 2.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 67,078 shares of company stock valued at $4,616,538 in the last three months. Corporate insiders own 5.30% of the company’s stock.
PTC Therapeutics Company Profile
PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. Its research programs include small-molecule treatments, gene therapies and other approaches designed to address conditions with limited or no available treatment options.
The company’s commercial portfolio has included Emflaza (deflazacort), a corticosteroid approved in the United States to treat Duchenne muscular dystrophy, and Upstaza (eladocagene exuparvovec), a gene therapy authorized in the European Union for aromatic L-amino acid decarboxylase deficiency.
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