PTC Therapeutics (NASDAQ:PTCT) Posts Quarterly Earnings Results, Beats Expectations By $0.68 EPS

Key Points

• PTC Therapeutics beat quarterly expectations: The biopharmaceutical company reported $0.92 in EPS versus the $0.24 consensus estimate, while revenue of $360.52 million exceeded forecasts of $298.63 million.
• Shares rose $1.03 to $75.52 in Thursday trading, giving PTC Therapeutics a market capitalization of approximately $6.26 billion; the stock remains below its 52-week high of $90.87.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $93.83, while insiders sold roughly $16.35 million of stock over the past three months under pre-arranged trading plans.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.68, Zacks reports. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The business had revenue of $360.52 million for the quarter, compared to analyst estimates of $298.63 million.

PTC Therapeutics Price Performance

Shares of NASDAQ:PTCT traded up $1.03 during trading on Thursday, reaching $75.52. The stock had a trading volume of 1,373,818 shares, compared to its average volume of 1,459,631. The stock has a market capitalization of $6.26 billion, a PE ratio of -32.41, a P/E/G ratio of 6.56 and a beta of 0.53. PTC Therapeutics has a 52 week low of $43.17 and a 52 week high of $90.87. The business's 50-day moving average price is $77.47 and its 200 day moving average price is $72.79.

Insider Activity at PTC Therapeutics

In other news, Director Mary L. Smith sold 15,834 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the sale, the director owned 21,813 shares in the company, valued at approximately $1,963,170. This represents a 42.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 5,079 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $85.08, for a total value of $432,121.32. Following the sale, the vice president owned 105,272 shares in the company, valued at $8,956,541.76. The trade was a 4.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 198,662 shares of company stock valued at $16,347,994 in the last three months. Corporate insiders own 5.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. IFP Advisors Inc increased its position in PTC Therapeutics by 68.1% in the 3rd quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock valued at $47,000 after acquiring an additional 310 shares in the last quarter. Virtus Investment Advisers LLC raised its stake in shares of PTC Therapeutics by 3.6% in the fourth quarter. Virtus Investment Advisers LLC now owns 9,033 shares of the biopharmaceutical company's stock worth $686,000 after acquiring an additional 316 shares during the last quarter. UMB Bank n.a. acquired a new position in shares of PTC Therapeutics during the fourth quarter worth approximately $26,000. Mariner LLC lifted its position in shares of PTC Therapeutics by 5.1% during the third quarter. Mariner LLC now owns 8,745 shares of the biopharmaceutical company's stock worth $537,000 after purchasing an additional 426 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of PTC Therapeutics by 96.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 921 shares of the biopharmaceutical company's stock worth $70,000 after purchasing an additional 452 shares in the last quarter.

Analyst Upgrades and Downgrades

PTCT has been the topic of several research analyst reports. Jefferies Financial Group raised PTC Therapeutics from a "hold" rating to a "buy" rating and raised their price target for the company from $76.00 to $85.00 in a research report on Wednesday, May 27th. Morgan Stanley reaffirmed an "overweight" rating and issued a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. Citigroup raised PTC Therapeutics from a "neutral" rating to a "buy" rating and increased their price objective for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. Raymond James Financial initiated coverage on shares of PTC Therapeutics in a report on Friday, April 10th. They set an "outperform" rating and a $108.00 price objective on the stock. Finally, Wells Fargo & Company reduced their target price on shares of PTC Therapeutics from $95.00 to $93.00 and set an "overweight" rating for the company in a research note on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, PTC Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $93.83.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company's research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC's approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.

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