Leerink Partnrs Has Negative Outlook of PTCT FY2024 Earnings

PTC Therapeutics, Inc. (NASDAQ:PTCT) – Research analysts at Leerink Partnrs cut their FY2024 EPS estimates for PTC Therapeutics in a note issued to investors on Monday, December 2nd. Leerink Partnrs analyst J. Schwartz now forecasts that the biopharmaceutical company will post earnings of ($5.35) per share for the year, down from their prior forecast of ($5.33). The consensus estimate for PTC Therapeutics’ current full-year earnings is ($4.91) per share. Leerink Partnrs also issued estimates for PTC Therapeutics’ Q4 2024 earnings at ($1.47) EPS, Q1 2025 earnings at ($1.30) EPS, Q2 2025 earnings at ($0.93) EPS, Q4 2025 earnings at ($1.02) EPS, FY2025 earnings at ($4.61) EPS and FY2026 earnings at ($3.40) EPS.

Several other research analysts have also weighed in on PTCT. Raymond James initiated coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They set a “market perform” rating on the stock. Citigroup lifted their price target on shares of PTC Therapeutics from $26.00 to $32.00 and gave the company a “sell” rating in a report on Wednesday. Cantor Fitzgerald restated an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a report on Tuesday, September 17th. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Wells Fargo & Company upped their price target on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Hold” and an average target price of $52.38.

PTC Therapeutics Trading Down 0.7 %

PTC Therapeutics stock opened at $48.04 on Thursday. The stock has a fifty day moving average price of $41.49 and a 200 day moving average price of $36.80. PTC Therapeutics has a 52 week low of $23.58 and a 52 week high of $54.16. The firm has a market capitalization of $3.70 billion, a P/E ratio of -8.09 and a beta of 0.63.

Institutional Trading of PTC Therapeutics

Hedge funds have recently bought and sold shares of the company. Diversified Trust Co raised its holdings in shares of PTC Therapeutics by 5.6% during the second quarter. Diversified Trust Co now owns 15,317 shares of the biopharmaceutical company’s stock valued at $468,000 after buying an additional 818 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of PTC Therapeutics by 21.7% in the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock worth $11,401,000 after purchasing an additional 66,596 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of PTC Therapeutics during the second quarter valued at $1,245,000. Sanibel Captiva Trust Company Inc. acquired a new stake in PTC Therapeutics in the second quarter worth about $205,000. Finally, Bank of New York Mellon Corp grew its position in PTC Therapeutics by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock valued at $8,533,000 after buying an additional 40,840 shares in the last quarter.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CAO Christine Marie Utter sold 17,800 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $51.77, for a total value of $921,506.00. Following the sale, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at $2,714,197.56. This trade represents a 25.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Neil Gregory Almstead sold 69,550 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total value of $3,620,773.00. Following the completion of the sale, the insider now owns 86,202 shares in the company, valued at $4,487,676.12. The trade was a 44.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 196,950 shares of company stock valued at $10,251,735. Corporate 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.