Stock Buyback Program Approved by PTC Therapeutics (NASDAQ:PTCT) Board

by · The Markets Daily

PTC Therapeutics (NASDAQ:PTCT – Get Free Report) declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 3rd, RTT News reports. The company plans to repurchase $500 million in shares. This repurchase authorization permits the biopharmaceutical company to reacquire up to 9.8% of its stock through open market purchases. Share repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT traded up $7.24 during trading on Tuesday, hitting $68.12. The company’s stock had a trading volume of 2,643,738 shares, compared to its average volume of 1,101,059. The company has a 50-day moving average of $65.12 and a 200-day moving average of $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 earnings results on Thursday, October 29th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.76). The company had revenue of $357.81 million for the quarter, compared to the consensus estimate of $306.43 million. The company’s quarterly revenue was up 69.6% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. Equities research analysts expect that PTC Therapeutics will post 0.75 EPS for the current year.

Wall Street Analysts Forecast Growth

PTCT has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of PTC Therapeutics from $120.00 to $122.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Truist Financial began coverage on PTC Therapeutics in a research report on Friday, October 16th. They issued a “hold” rating and a $62.00 price objective for the company. Cantor Fitzgerald raised their target price on PTC Therapeutics from $130.00 to $137.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 22nd. Zacks Research cut shares of PTC Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Finally, Royal Bank Of Canada upped their target price on PTC Therapeutics from $75.00 to $77.00 and gave the stock a “sector perform” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.71.

Check Out Our Latest Stock Report on PTCT

Insider Activity

In related news, Director Michael Schmertzler sold 12,500 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $72.94, for a total value of $911,750.00. Following the sale, the director directly owned 1,349,094 shares of the company’s stock, valued at $98,402,916.36. This represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Glenn Md Phd Steele, Jr. sold 12,000 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $65.16, for a total transaction of $781,920.00. Following the sale, the director directly owned 22,500 shares of the company’s stock, valued at $1,466,100. This represents a 34.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 67,078 shares of company stock worth $4,616,538. 5.30% of the stock is currently owned by insiders.

About PTC Therapeutics

(Get Free Report)

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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