William Blair Has Optimistic Outlook of PTCT FY2024 Earnings

PTC Therapeutics, Inc. (NASDAQ:PTCT) – William Blair increased their FY2024 earnings estimates for shares of PTC Therapeutics in a report released on Monday, January 13th. William Blair analyst S. Corwin now expects that the biopharmaceutical company will post earnings of ($5.33) per share for the year, up from their previous estimate of ($5.48). The consensus estimate for PTC Therapeutics’ current full-year earnings is ($4.90) per share. William Blair also issued estimates for PTC Therapeutics’ Q4 2024 earnings at ($1.45) EPS, Q1 2025 earnings at ($1.52) EPS, Q2 2025 earnings at ($1.36) EPS, Q3 2025 earnings at ($0.97) EPS, Q4 2025 earnings at ($0.69) EPS and FY2025 earnings at ($4.54) EPS.

PTCT has been the topic of a number of other research reports. Cantor Fitzgerald lowered their target price on PTC Therapeutics from $80.00 to $76.00 and set an “overweight” rating on the stock in a research note on Wednesday. Citigroup increased their price objective on PTC Therapeutics from $26.00 to $32.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. Raymond James began coverage on shares of PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating for the company. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $45.00 to $67.00 in a research report on Friday, December 13th. Finally, StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $55.00.

PTC Therapeutics Price Performance

PTC Therapeutics stock opened at $42.27 on Thursday. The company’s 50-day moving average price is $45.26 and its two-hundred day moving average price is $38.66. PTC Therapeutics has a twelve month low of $23.58 and a twelve month high of $54.16.

Insiders Place Their Bets

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 1,265 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $57,355.10. Following the completion of the transaction, the insider now owns 104,783 shares of the company’s stock, valued at approximately $4,750,861.22. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christine Marie Utter sold 17,800 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $51.77, for a total transaction of $921,506.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 211,737 shares of company stock worth $10,920,687 over the last three months. Insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of hedge funds have recently added to or reduced their stakes in PTCT. Point72 Asset Management L.P. lifted its stake in shares of PTC Therapeutics by 945.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after acquiring an additional 643,960 shares during the last quarter. Armistice Capital LLC increased its holdings in PTC Therapeutics by 2.9% in the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after purchasing an additional 198,227 shares in the last quarter. Parkman Healthcare Partners LLC bought a new position in PTC Therapeutics in the third quarter valued at about $7,234,000. Ensign Peak Advisors Inc boosted its stake in shares of PTC Therapeutics by 650.9% during the second quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock valued at $6,370,000 after purchasing an additional 180,561 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of PTC Therapeutics by 123.2% during the second quarter. Millennium Management LLC now owns 317,579 shares of the biopharmaceutical company’s stock valued at $9,712,000 after purchasing an additional 175,289 shares in the last quarter.

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.