PTC Therapeutics, Inc. (PTCT) Issues Quarterly Earnings Results
PTC Therapeutics, Inc. (NASDAQ:PTCT) posted its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.45, Briefing.com reports. The company had revenue of $47.96 million during the quarter, compared to analysts’ expectations of $28.78 million. PTC Therapeutics had a negative return on equity of 98.77% and a negative net margin of 143.80%. The firm’s revenue was up 206.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.14) EPS.
Shares of PTC Therapeutics (NASDAQ:PTCT) traded up 2.068% during mid-day trading on Wednesday, hitting $19.495. The stock had a trading volume of 1,685,757 shares. The company has a 50-day moving average of $19.20 and a 200 day moving average of $13.94. PTC Therapeutics has a one year low of $4.03 and a one year high of $21.85. The firm’s market cap is $668.99 million.
In related news, Director Dawn Svoronos bought 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was acquired at an average price of $13.49 per share, for a total transaction of $337,250.00. Following the transaction, the director now directly owns 25,000 shares of the company’s stock, valued at $337,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.10% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in PTC Therapeutics by 5.3% in the first quarter. Vanguard Group Inc. now owns 2,020,039 shares of the biopharmaceutical company’s stock valued at $19,877,000 after buying an additional 101,331 shares during the period. State Street Corp increased its position in shares of PTC Therapeutics by 219.1% in the first quarter. State Street Corp now owns 1,896,674 shares of the biopharmaceutical company’s stock valued at $18,668,000 after buying an additional 1,302,278 shares during the last quarter. Boxer Capital LLC acquired a new position in shares of PTC Therapeutics during the first quarter valued at about $14,760,000. Camber Capital Management LLC acquired a new position in shares of PTC Therapeutics during the first quarter valued at about $12,300,000. Finally, FMR LLC increased its position in shares of PTC Therapeutics by 192.2% in the fourth quarter. FMR LLC now owns 732,044 shares of the biopharmaceutical company’s stock valued at $7,987,000 after buying an additional 481,556 shares during the last quarter. Institutional investors and hedge funds own 77.00% of the company’s stock.
Several research firms have commented on PTCT. Royal Bank Of Canada set a $12.00 price target on PTC Therapeutics and gave the company a “hold” rating in a report on Monday, May 8th. Zacks Investment Research cut PTC Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 1st. J P Morgan Chase & Co restated a “neutral” rating and issued a $21.00 price target (up previously from $15.00) on shares of PTC Therapeutics in a report on Friday, June 30th. BidaskClub cut PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday, August 4th. Finally, Citigroup Inc. set a $18.00 price target on PTC Therapeutics and gave the company a “buy” rating in a report on Wednesday, June 7th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $15.11.
About PTC Therapeutics
PTC Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of medicines using its expertise in ribonucleic acid (RNA) biology. Its product pipeline includes Ataluren (Translarna), PTC596 and RG7916. Its product candidate, ataluren, is an orally administered small-molecule compound for the treatment of patients with genetic disorders due to a nonsense mutation.
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