PTC Therapeutics (NASDAQ:PTCT) Shares Gap Down Following Weak Earnings

Shares of PTC Therapeutics, Inc. (NASDAQ:PTCTGet Rating) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $49.23, but opened at $45.37. PTC Therapeutics shares last traded at $49.60, with a volume of 5,877 shares changing hands.

The biopharmaceutical company reported ($2.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.66) by ($0.47). PTC Therapeutics had a negative return on equity of 983.21% and a negative net margin of 91.68%. The business had revenue of $165.50 million for the quarter, compared to analysts’ expectations of $162.53 million. During the same period last year, the business earned ($1.68) earnings per share. The company’s revenue for the quarter was up 41.8% on a year-over-year basis.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Credit Suisse Group lifted their target price on shares of PTC Therapeutics to $52.00 in a research note on Friday, July 22nd. Royal Bank of Canada boosted their price objective on shares of PTC Therapeutics from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Thursday, June 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $51.75.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors have recently modified their holdings of PTCT. Charles Schwab Investment Management Inc. lifted its stake in shares of PTC Therapeutics by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 499,179 shares of the biopharmaceutical company’s stock worth $19,883,000 after acquiring an additional 10,569 shares during the period. Citigroup Inc. lifted its stake in shares of PTC Therapeutics by 75.2% in the 4th quarter. Citigroup Inc. now owns 132,868 shares of the biopharmaceutical company’s stock worth $5,292,000 after acquiring an additional 57,012 shares during the period. Loomis Sayles & Co. L P lifted its stake in shares of PTC Therapeutics by 19.2% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,536,223 shares of the biopharmaceutical company’s stock worth $61,188,000 after acquiring an additional 247,968 shares during the period. Teachers Retirement System of The State of Kentucky lifted its stake in shares of PTC Therapeutics by 2.5% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 114,098 shares of the biopharmaceutical company’s stock worth $4,545,000 after acquiring an additional 2,829 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of PTC Therapeutics by 5.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 138,461 shares of the biopharmaceutical company’s stock worth $5,514,000 after acquiring an additional 7,721 shares during the period.

PTC Therapeutics Trading Up 8.7 %

The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of -7.25 and a beta of 0.63. The firm’s 50 day moving average is $38.29 and its 200 day moving average is $37.88. The company has a quick ratio of 1.59, a current ratio of 1.62 and a debt-to-equity ratio of 679.17.

PTC Therapeutics Company Profile

(Get Rating)

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders. Its portfolio pipeline includes commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focuses on the development of treatments for multiple therapeutic areas, such as rare diseases.

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