PTC Therapeutics, Inc. Forecasted to Post Q2 2024 Earnings of ($1.02) Per Share (NASDAQ:PTCT)

PTC Therapeutics, Inc. (NASDAQ:PTCT) – Leerink Partnrs lowered their Q2 2024 earnings estimates for shares of PTC Therapeutics in a note issued to investors on Sunday, May 19th. Leerink Partnrs analyst J. Schwartz now anticipates that the biopharmaceutical company will post earnings per share of ($1.02) for the quarter, down from their previous estimate of ($0.98). The consensus estimate for PTC Therapeutics’ current full-year earnings is ($5.36) per share. Leerink Partnrs also issued estimates for PTC Therapeutics’ Q3 2024 earnings at ($1.28) EPS, Q4 2024 earnings at ($1.19) EPS, FY2024 earnings at ($4.69) EPS and FY2025 earnings at ($6.34) EPS.

A number of other research firms also recently issued reports on PTCT. JPMorgan Chase & Co. increased their price objective on PTC Therapeutics from $43.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday. Citigroup raised their price target on shares of PTC Therapeutics from $18.00 to $26.00 and gave the stock a “sell” rating in a research note on Tuesday. Royal Bank of Canada boosted their price objective 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 target price on shares of PTC Therapeutics in a research report on Friday, April 12th. Finally, TD Cowen cut 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 report on Friday, March 1st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.67.

PTC Therapeutics Trading Down 3.2 %

PTCT stock opened at $38.85 on Wednesday. The stock has a 50-day moving average price of $29.49 and a two-hundred day moving average price of $27.20. PTC Therapeutics has a 1 year low of $17.53 and a 1 year high of $59.84.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings data on Thursday, April 25th. The biopharmaceutical company reported ($1.20) EPS for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.01. The company had revenue of $210.12 million for the quarter, compared to analyst estimates of $160.27 million.

Institutional Trading of PTC Therapeutics

A number of hedge funds have recently modified their holdings of PTCT. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in PTC Therapeutics by 12.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,465 shares of the biopharmaceutical company’s stock valued at $302,000 after purchasing an additional 1,509 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of PTC Therapeutics by 12.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,075 shares of the biopharmaceutical company’s stock valued at $114,000 after acquiring an additional 559 shares during the period. Teacher Retirement System of Texas grew its stake in shares of PTC Therapeutics by 5.1% in the third quarter. Teacher Retirement System of Texas now owns 18,941 shares of the biopharmaceutical company’s stock valued at $424,000 after acquiring an additional 922 shares in the last quarter. Nisa Investment Advisors LLC increased its position in PTC Therapeutics by 317.0% during the third quarter. Nisa Investment Advisors LLC now owns 2,656 shares of the biopharmaceutical company’s stock worth $60,000 after acquiring an additional 2,019 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in PTC Therapeutics by 799.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 52,033 shares of the biopharmaceutical company’s stock worth $1,166,000 after purchasing an additional 46,247 shares in the last quarter.

Insider Buying and Selling at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction that occurred on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 4,849 shares of company stock worth $124,107 over the last 90 days. Company insiders own 5.50% of the company’s stock.

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.