PTC Therapeutics (NASDAQ:PTCT) Announces Earnings Results, Beats Estimates By $0.01 EPS

PTC Therapeutics (NASDAQ:PTCT) announced its quarterly earnings results on Thursday. The biopharmaceutical company reported ($1.20) EPS for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.01, reports. The company had revenue of $210.12 million during 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 %

NASDAQ PTCT opened at $28.57 on Friday. The firm’s 50 day simple moving average is $28.15 and its 200 day simple moving average is $25.81. PTC Therapeutics has a 1 year low of $17.53 and a 1 year high of $59.84.

Insider Buying and Selling

In related news, CEO Matthew B. Klein sold 3,361 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 225,807 shares in the company, valued at approximately $5,620,336.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 6,404 shares of company stock worth $165,506. Corporate insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several large investors have recently made changes to their positions in PTCT. Hexagon Capital Partners LLC lifted its stake in PTC Therapeutics by 132.0% in the 4th quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 557 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in PTC Therapeutics by 99.7% in 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 during the last quarter. Allspring Global Investments Holdings LLC bought a new position in PTC Therapeutics in the 1st quarter valued at approximately $46,000. Nisa Investment Advisors LLC lifted its stake in PTC Therapeutics by 317.0% in 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 during the last quarter. Finally, Headlands Technologies LLC lifted its stake in PTC Therapeutics by 248.0% in 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 during the last quarter.

Analysts Set New Price Targets

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

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.