PTC Therapeutics, Inc. to Post FY2024 Earnings of ($4.72) Per Share, Cantor Fitzgerald Forecasts (NASDAQ:PTCT)

PTC Therapeutics, Inc. (NASDAQ:PTCT) – Analysts at Cantor Fitzgerald reduced their FY2024 EPS estimates for PTC Therapeutics in a research report issued to clients and investors on Monday, July 1st. Cantor Fitzgerald analyst K. Kluska now anticipates that the biopharmaceutical company will post earnings per share of ($4.72) for the year, down from their prior forecast of ($4.53). Cantor Fitzgerald has a “Overweight” rating and a $62.00 price objective on the stock. The consensus estimate for PTC Therapeutics’ current full-year earnings is ($4.87) per share.

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

A number of other brokerages have also recently commented on PTCT. Bank of America increased their price target on shares of PTC Therapeutics from $25.00 to $32.00 and gave the company an “underperform” rating in a research report on Friday, June 21st. Raymond James upgraded shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a report on Monday, May 20th. The Goldman Sachs Group raised their target price on shares of PTC Therapeutics from $18.00 to $32.00 and gave the stock a “sell” rating in a report on Tuesday, May 28th. Citigroup raised their target price on shares of PTC Therapeutics from $18.00 to $26.00 and gave the stock a “sell” rating in a report on Tuesday, May 21st. Finally, Jefferies Financial Group raised their target price on shares of PTC Therapeutics from $35.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, May 20th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, PTC Therapeutics presently has an average rating of “Hold” and an average target price of $37.40.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $31.00 on Thursday. PTC Therapeutics has a one year low of $17.53 and a one year high of $42.63. The firm’s 50 day simple moving average is $34.66 and its two-hundred day simple moving average is $30.11. The stock has a market capitalization of $2.38 billion, a P/E ratio of -4.04 and a beta of 0.65.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Wellington Management Group LLP lifted its position in PTC Therapeutics by 39.0% during the third quarter. Wellington Management Group LLP now owns 9,436,188 shares of the biopharmaceutical company’s stock valued at $211,465,000 after buying an additional 2,649,824 shares during the period. Janus Henderson Group PLC raised its position in shares of PTC Therapeutics by 40.5% in the 1st quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after purchasing an additional 1,057,223 shares during the last quarter. Vanguard Group Inc. raised its position in shares of PTC Therapeutics by 10.8% in the 4th quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after purchasing an additional 855,354 shares during the last quarter. Armistice Capital LLC raised its position in shares of PTC Therapeutics by 11.6% in the 4th quarter. Armistice Capital LLC now owns 6,864,000 shares of the biopharmaceutical company’s stock worth $189,172,000 after purchasing an additional 714,000 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of PTC Therapeutics in the 4th quarter worth about $15,058,000.

Insider Buying and Selling

In related news, Director Jerome B. Zeldis sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $38.24, for a total value of $764,800.00. Following the completion of the sale, the director now owns 14,500 shares of the company’s stock, valued at $554,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the firm’s stock in a transaction 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 owns 225,807 shares of the company’s stock, valued at $5,620,336.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jerome B. Zeldis sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total value of $764,800.00. Following the transaction, the director now directly owns 14,500 shares of the company’s stock, valued at approximately $554,480. The disclosure for this sale can be found here. Insiders sold 24,323 shares of company stock valued at $873,984 over the last quarter. 5.50% of the stock is owned by company insiders.

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.