PTC Therapeutics (NASDAQ:PTCT) Posts Earnings Results

PTC Therapeutics (NASDAQ:PTCT) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.01, reports. The company had revenue of $210.12 million for the quarter, compared to the consensus estimate of $160.27 million. PTC Therapeutics updated its FY 2024 guidance to EPS.

PTC Therapeutics Trading Up 12.1 %

Shares of PTCT stock opened at $28.57 on Friday. PTC Therapeutics has a 12 month low of $17.53 and a 12 month high of $59.84. The stock has a 50-day moving average price of $28.15 and a 200 day moving average price of $25.79.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. TD Cowen cut their price objective on PTC Therapeutics from $32.00 to $30.00 and set a “market perform” rating for the company in a report on Friday, March 1st. Royal Bank of Canada lifted their price target on PTC Therapeutics from $22.00 to $28.00 and gave the company a “sector perform” rating in a report on Friday, March 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price target on shares of PTC Therapeutics in a report on Friday, April 12th. Finally, Jefferies Financial Group lifted their price target on PTC Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $33.53.

Insider Transactions at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 3,361 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was 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 directly owns 225,807 shares in the company, valued at approximately $5,620,336.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 6,404 shares of company stock worth $165,506. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC grew its position in shares of PTC Therapeutics by 132.0% during the 4th quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 557 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of PTC Therapeutics by 12.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,075 shares of the biopharmaceutical company’s stock worth $114,000 after purchasing an additional 559 shares in the last quarter. Knights of Columbus Asset Advisors LLC raised its stake in shares of PTC Therapeutics by 2.4% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 29,115 shares of the biopharmaceutical company’s stock worth $652,000 after purchasing an additional 692 shares in the last quarter. Diversified Trust Co raised its stake in shares of PTC Therapeutics by 6.7% during the 4th quarter. Diversified Trust Co now owns 14,204 shares of the biopharmaceutical company’s stock worth $391,000 after purchasing an additional 896 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in shares of PTC Therapeutics by 5.1% during the 3rd quarter. Teacher Retirement System of Texas now owns 18,941 shares of the biopharmaceutical company’s stock worth $424,000 after purchasing an additional 922 shares in the last quarter.

About PTC Therapeutics

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.