PTC Therapeutics (NASDAQ:PTCT) Announces Earnings Results

PTC Therapeutics (NASDAQ:PTCT) posted its earnings results on Thursday. The biopharmaceutical company reported ($1.20) EPS for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.01, reports. The firm had revenue of $210.12 million for the quarter, compared to analyst estimates of $160.27 million. PTC Therapeutics updated its FY 2024 guidance to EPS.

PTC Therapeutics Trading Up 12.1 %

PTCT stock opened at $28.57 on Friday. PTC Therapeutics has a 1-year low of $17.53 and a 1-year high of $59.84. The firm has a fifty day moving average price of $28.15 and a two-hundred day moving average price of $25.79.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 target price on shares of PTC Therapeutics in a research report on Friday, April 12th. Royal Bank of Canada boosted their target price on shares of PTC Therapeutics from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research report on Friday, March 1st. Jefferies Financial Group boosted their target price on shares of PTC Therapeutics from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, TD Cowen dropped their price target on shares of PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a research note on Friday, March 1st. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $33.53.

Insider Buying and Selling at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 3,361 shares of the business’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $24.89, for a total transaction of $83,655.29. Following the completion of the transaction, the chief executive officer now owns 225,807 shares of the company’s stock, valued at $5,620,336.23. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 6,404 shares of company stock worth $165,506 over the last 90 days. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several institutional investors have recently bought and sold shares of PTCT. Hexagon Capital Partners LLC lifted its holdings in PTC Therapeutics by 132.0% in the fourth quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 557 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of PTC Therapeutics by 99.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,941 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 969 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of PTC Therapeutics during the 1st quarter valued at about $46,000. Nisa Investment Advisors LLC boosted its position in shares of PTC Therapeutics by 317.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,656 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 2,019 shares in the last quarter. Finally, Headlands Technologies LLC boosted its position in shares of PTC Therapeutics by 248.0% during the 4th quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock valued at $129,000 after purchasing an additional 3,338 shares in the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.