Eric Pauwels, the Chief Executive Officer of PTC Therapeutics, Inc. (NASDAQ:PTCT), recently sold shares of the company's common stock valued at approximately $167,550. The transactions occurred over two days, with Pauwels selling a total of 3,735 shares. The sale comes as the company, currently valued at $3.39 billion, has seen its stock surge over 56% in the past year.
On January 7, Pauwels sold 1,599 shares at a price of $45.34 per share. The following day, he sold an additional 2,136 shares at $44.50 each. These sales were conducted to cover tax obligations related to the vesting of restricted stock units (RSUs), as indicated in the company's filings. According to InvestingPro data, analysts maintain diverse price targets ranging from $32 to $80, with the company showing strong financial health indicators including a healthy current ratio of 2.1.
Following these transactions, Pauwels retains ownership of 86,805 shares of PTC (NASDAQ:PTC) Therapeutics. InvestingPro subscribers can access additional insights through 9 more exclusive ProTips and comprehensive valuation metrics for PTCT.
In other recent news, PTC Therapeutics has submitted an FDA application for vatiquinone, a potential treatment for Friedreich ataxia. The application is backed by data from the MOVE-FA study and two long-term studies involving both pediatric and adult patients. In a significant development, PTC Therapeutics has also adjusted its lease terms, reducing its rented space by half and adjusting financial terms.
TD Cowen, through its analyst Joseph Thome, outlined ten anticipated catalysts for the year 2025 that are expected to generate significant investor interest. These include ANAB's expected release of Phase II rheumatoid arthritis data for Rosnilimab, UTHR's extension of its Tyvaso treatment to a Phase III idiopathic pulmonary fibrosis program, and QURE's anticipated submission of an accelerated approval application for AMT-130 in Huntington's disease.
PTC Therapeutics has also entered a major collaboration with Novartis (SIX:NOVN) for the drug candidate PTC518, which is being evaluated for the treatment of Huntington's disease. The deal includes a $1.0 billion upfront payment, a profit share, double-digit royalties outside the US, and the potential for up to $1.9 billion in future milestone payments.
Morgan Stanley (NYSE:MS) has upgraded PTC Therapeutics from Equalweight to Overweight, setting a new price target of $67.00. This follows PTC Therapeutics' approval of its drug Kebilidi, the successful sale of a priority review voucher for $150 million, and the lucrative global license and collaboration agreement with Novartis.
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