BUZZ-PTC Therapeutics surges after announcing $500 million stock repurchase plan

November 3 - ** In early trading on Tuesday, PTC Therapeutics (PTCT.O) shares surged by 8.7% to $66.20, hitting a more than one-month high as the company announced plans to repurchase shares.

** PTCT is set to record its biggest single-day percentage gain since it rose 14.3% on May 8.

** The Warren, New Jersey-based company announced a $500 million share repurchase program in early trading on Tuesday (link).

** The company focuses on developing treatments for rare diseases (link), including Duchenne muscular dystrophy, Friedreich’s ataxia, and Huntington’s disease.

** As of Monday, the company had approximately 83.5 million shares outstanding, with a market value of about $5.1 billion.

** Despite the recent share price increase, the stock has still fallen about 13% year-to-date, while the Nasdaq Biotechnology Index .NBI has risen about 28.5% over the same period.

** According to London Stock Exchange Group (LSEG) data, out of 15 analysts, 13 rate the stock as "strong buy" or "buy," while 2 rate it as "hold"; the median price target is $98.

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