Ptc Therapeutics Down 22.67% To $19.36 After Earnings Miss

Ptc Therapeutics (PTCT) said after close Thursday that it lost $1.76 per share in quarter three 2023.

On the revenue line, the company reported $196.6 million, missing estimates by $13.6 million.

In the same quarter a year ago, the company lost $1.53 per share on revenue of $217.1 million.

The stock is down 22.67% to $19.36 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

Trading in the five days leading up to the report earned Ptc Therapeutics a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 19. Meanwhile, the average Wall Street analyst rated the stock a Hold.

PTC Therapeutics Inc is a global biopharmaceutical company focused on the discovery, development, and commercialization of orally administered, small-molecule therapeutics. Its target area is RNA biology post-transcriptional control processes of the events occurring in a cell when a RNA messenger is copied from DNA during the transcription process. The discovered products address multiple therapeutic areas, including rare disorders, such as nonsense mutations in Duchenne muscular dystrophy and oncology.