TLDR:
- PTCT stock reached a 52-week high of $40.69, up 89.65% over the past year
- Company reported Q2 2024 revenue of $187 million
- FDA accepted New Drug Application for sepiapterin for PKU treatment
- PTC518 granted Fast Track Designation for Huntington’s disease
- Company sold gene therapy manufacturing business for $27.5 million upfront
PTC Therapeutics (NASDAQ:PTCT) has experienced a surge in its stock price, reaching a 52-week high of $40.69. This remarkable growth represents an 89.65% increase over the past year, reflecting strong investor confidence in the biopharmaceutical company’s recent developments and financial performance.
The company reported Q2 2024 revenue of $187 million, primarily driven by its Duchenne muscular dystrophy franchise. In light of this performance, PTC Therapeutics has updated its full-year revenue guidance, projecting between $700 million to $750 million for the fiscal year.
Several key advancements in PTC Therapeutics’ drug pipeline have contributed to the positive market sentiment. The company’s vatiquinone treatment program for Friedreich ataxia (FA) has shown promising results in the MOVE-FA long-term extension study. As a result, PTC is preparing for a New Drug Application (NDA) submission to the FDA for this potential treatment.
The FDA has accepted PTC Therapeutics’ New Drug Application for sepiapterin, a potential treatment for phenylketonuria (PKU). This acceptance marks an important step forward in the company’s efforts to address this rare genetic disorder.
PTC Therapeutics received Fast Track Designation from the FDA for its drug candidate PTC518, which is being developed to treat Huntington’s disease. This designation is designed to expedite the development and review process for drugs that address serious conditions and fill unmet medical needs.
In a strategic move to focus on its core competencies, PTC Therapeutics completed the sale of its gene therapy manufacturing business. The company received an upfront payment of $27.5 million for this transaction, potentially freeing up resources for its drug development programs.
Despite the positive stock performance and pipeline advancements, it’s important to note that PTC Therapeutics is not currently profitable.
The company reported a negative operating income of $192.45 million in the last twelve months. However, its liquid assets exceed short-term obligations, providing some financial stability as it continues to invest in research and development.
Analyst opinions on PTC Therapeutics remain mixed. While some firms maintain a Hold rating on the stock, others have initiated coverage with an Outperform rating. The average price target from analysts stands at $39.08, reflecting the uncertainty surrounding the company’s future performance.
Trading volume for PTCT stock has been significant, with approximately 285,018 shares traded during a recent mid-day session, although this represents a 66% decline from the average daily volume of 846,122 shares.
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