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Why Is PTC Therapeutics (PTCT) Stock Down 23% Today?

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  • PTC Therapeutics (PTCT) stock is dropping Friday alongside a poor Q3 earnings report.
  • The company failed to reach Wall Street’s revenue or earnings per share estimates.
  • However, its revenue guidance for 2023 is still above analysts’ estimates.
PTCT Stock - Why Is PTC Therapeutics (PTCT) Stock Down 23% Today?

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PTC Therapeutics (NASDAQ:PTCT) stock is falling on Friday after the biopharmaceutical company released its earnings report for the third quarter of 2023.

The bad news for PTCT stock starts with its earnings per share of -$1.76. That’s worse than the -$1.48 per share that Wall Street was expecting for the quarter. It’s also wider than the -$1.24 per share reported in the same period of the year prior.

Adding to that trouble for PTCT stockholders is the company’s revenue of $196.6 million. Yet again, that fails to reach analysts’ estimate of $198.74 million for the quarter. For the record, the company’s revenue in Q3 2022 was $217.1 million.

Matthew Klein, M.D., CEO of PTC Therapeutics, said the following in the earnings report:

“The recent Royalty Pharma transaction and restructuring initiatives that we implemented have put the company on a strong financial footing. We believe we are well positioned to deliver on our most promising opportunities for growth, including the potential sepiapterin revenue opportunity of more than $1 billion and the PTC518 HD program.”

PTCT Stock 2023 Outlook

Despite the lackluster earnings report for Q3, PTC Therapeutics’ guidance for the full year of 2023 isn’t as bad as one might expect. For example, it estimates revenue will come in between $940 million and $1 billion. That would see it beat Wall Street’s revenue estimate of $938.32 million.

Even with that strong revenue guidance, the company’s poor performance in Q3 is weighing down PTCT stock. That has it down 22.8% as of Friday morning. The stock was also down 37.2% year-to-date when markets closed yesterday.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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