Equities Analysts Issue Forecasts for PTC Therapeutics, Inc.’s FY2024 Earnings (NASDAQ:PTCT)

PTC Therapeutics, Inc. (NASDAQ:PTCT) – Cantor Fitzgerald reduced their FY2024 earnings per share estimates for PTC Therapeutics in a research note issued on Monday, July 1st. Cantor Fitzgerald analyst K. Kluska now expects 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 target on the stock. The consensus estimate for PTC Therapeutics’ current full-year earnings is ($4.87) per share.

PTCT has been the subject of several other reports. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $53.00 price objective on shares of PTC Therapeutics in a report on Thursday, June 20th. Jefferies Financial Group raised their target price on PTC Therapeutics from $35.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, May 20th. Raymond James raised PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research report on Monday, May 20th. Citigroup lifted their price objective on PTC Therapeutics from $18.00 to $26.00 and gave the company a “sell” rating in a research report on Tuesday, May 21st. Finally, Morgan Stanley raised PTC Therapeutics from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $28.00 to $30.00 in a research report on Monday, April 29th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.40.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT opened at $31.00 on Thursday. PTC Therapeutics has a 1-year low of $17.53 and a 1-year high of $42.63. The business has a fifty day moving average price of $34.55 and a 200-day moving average price of $30.10.

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

Insider Activity

In other news, Director Jerome B. Zeldis sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $38.24, for a total transaction of $764,800.00. Following the transaction, the director now owns 14,500 shares of the company’s stock, valued at approximately $554,480. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $24.89, for a total value of $83,655.29. Following the transaction, the chief executive officer now owns 225,807 shares of the company’s stock, 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. Also, Director Jerome B. Zeldis sold 20,000 shares of the company’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 completion of the transaction, the director now directly owns 14,500 shares in the company, valued at approximately $554,480. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,323 shares of company stock valued at $873,984. 5.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently bought and sold shares of the business. Vise Technologies Inc. lifted its holdings in shares of PTC Therapeutics by 20.1% in the 4th quarter. Vise Technologies Inc. now owns 12,808 shares of the biopharmaceutical company’s stock worth $353,000 after buying an additional 2,140 shares during the period. Trexquant Investment LP purchased a new stake in shares of PTC Therapeutics in the 4th quarter worth $6,412,000. Wellington Management Group LLP lifted its holdings in shares of PTC Therapeutics by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock worth $270,546,000 after buying an additional 380,415 shares during the period. Walleye Capital LLC lifted its holdings in shares of PTC Therapeutics by 958.6% in the 3rd quarter. Walleye Capital LLC now owns 72,030 shares of the biopharmaceutical company’s stock worth $1,614,000 after buying an additional 65,226 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of PTC Therapeutics by 10.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,122,698 shares of the biopharmaceutical company’s stock worth $25,160,000 after buying an additional 104,024 shares during the period.

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.