Stock Track | PTC Therapeutics Plummets 5.14% Intraday After Earnings Miss and RBC Price Target Cut

Stock Track

02/20

PTC Therapeutics Inc. (PTCT) shares plummeted 5.14% during intraday trading on Friday, following the release of disappointing quarterly results and a downward revision of its price target by a major analyst firm.

The biopharmaceutical company reported a significant earnings miss for the quarter ended December 31, posting an adjusted loss of $1.67 per share. This result fell far short of the mean analyst estimate for a profit of $0.04 per share. Furthermore, revenue of $213.20 million missed expectations of $276.66 million, and the company reported a quarterly loss of $134.97 million.

Adding to the negative sentiment, RBC Capital maintained its Sector Perform (Hold) rating on the stock but cut its price target to $82 from $87. The analyst action, citing the recent earnings performance, contributed to the selling pressure on PTC Therapeutics shares during the trading session.

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