Recent News
Feb 19, 2026 — Company issued a corporate update and reported fourth-quarter and full-year results, highlighting the global commercial launch and rapid uptake of Sephience (sepiapterin), completion of a transaction monetizing remaining Evrysdi royalties, ongoing pipeline progress including alignment on a Phase III plan for a Huntington’s program, and a year-end cash balance near $1.95 billion. Jan 12, 2026 — Market commentary emphasized Sephience launch momentum and expanded country launches planned for 2026. (dates as reported)
Technical Analysis
ADX and Directional Indicators: ADX at 42.96 signals very strong trend strength. DI+ sits at 7.79 and is decreasing, which drives a bearish directional tilt; DI- sits at 27.78 and shows a dip-and-reversal (now rising), reinforcing seller dominance.
MACD: MACD reads -1.80 with a peak-and-reversal pattern and lies below the signal line (-1.48), indicating continuing bearish momentum until MACD crosses above the signal line.
MRO: MRO sits at -14.5 with a dip-and-reversal; the negative level indicates price below the WMDST target and therefore leaves scope for mean-reversion upside if momentum shifts.
RSI: RSI at 43.69 and decreasing signals weakening buying pressure versus sellers and supports the near-term bearish bias while remaining above deeply oversold levels.
Price vs Moving Averages and Bands: Last close $66.37 sits below the 20-day average ($69.41) and the 50-day average ($74.15) but above the 200-day average ($62.47), showing short-term downtrend inside a longer-term upward reference. The 12-day EMA is decreasing and below the 26-day EMA ($71.16), consistent with short-term downside momentum. Price lies at or slightly below the 1x Bollinger lower band ($67.71), close to the 2x lower band ($66.01), indicating proximity to volatility-driven support levels.
Support/Resistance and Volume: SuperTrend upper band at $73.31 sits well above the close and acts as near-term resistance. Intraday volume (1.95M) exceeds the 10-day average (1.27M), suggesting conviction behind recent flows rather than anemic trading.
Fundamental Analysis
Business Profile: PTC Therapeutics develops and commercializes therapies for rare disorders, with recent commercial focus on Sephience and a pipeline spanning genetic and neurology programs.
Profitability And Margins: Gross margin registers 95.78%, producing gross profit of $157.7M on total revenue of $164.7M. Operating income stands negative at -$81.6M and EBIT equals -$83.9M, producing an EBIT margin of -50.945%. That EBIT margin compares with an industry peer mean of 2.03% and industry peer median of 26.48%, signaling markedly lower operating profitability versus typical peers.
Earnings And Guidance Context: Reported EPS of -$1.80 missed the estimate of -$0.15 by -$1.65, an earnings surprise of -1,100%. Forward EPS sits at $0.6075 with a forward PE near 118.78, reflecting the combination of negative reported earnings and analyst forward expectations.
Liquidity And Leverage: Cash and short-term investments total $1.945B, yielding a cash ratio of 2.01 and a current ratio of 2.35—indicative of healthy near-term liquidity. Total debt stands at $2.707B with net debt about $1.610B and total equity negative $205.3M; debt-to-assets runs roughly 93.39%, highlighting substantial leverage relative to asset base despite the large cash cushion.
Cash Flow And Investment: Operating cash flow registered negative $118.7M for the period and free cash flow was negative $71.6M, while R&D spend totaled $133.1M—showing continued investment into the pipeline even as the company invests to scale new product launches.
Valuation Multiples And Relative Positioning: Reported PS ratio 36.29 sits slightly above the industry peer mean of 33.05 and near peer median of 20.21; P/B and P/E remain negative due to negative book value and negative earnings, which distorts typical multiple comparisons. WMDST values the stock as under-valued based on the firm’s cash position, pipeline upside, and adjusted valuation metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-19 |
| NEXT REPORT DATE: | 2026-05-21 |
| CASH FLOW | Begin Period Cash Flow | $ 686.3 M |
| Operating Cash Flow | $ -118.70 M | |
| Capital Expenditures | $ -37.29 M | |
| Change In Working Capital | $ 91.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 312.0 M | |
| End Period Cash Flow | $ 998.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 164.7 M | |
| Forward Revenue | $ -15.10 M | |
| COSTS | ||
| Cost Of Revenue | $ 7.0 M | |
| Depreciation | $ 3.6 M | |
| Depreciation and Amortization | $ 12.9 M | |
| Research and Development | $ 133.1 M | |
| Total Operating Expenses | $ 246.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 157.7 M | |
| EBITDA | $ -70.99 M | |
| EBIT | $ -83.89 M | |
| Operating Income | $ -81.62 M | |
| Interest Income | — | |
| Interest Expense | $ 55.2 M | |
| Net Interest Income | $ -55.19 M | |
| Income Before Tax | $ -139.08 M | |
| Tax Provision | $ -4.12 M | |
| Tax Rate | 2.961 % | |
| Net Income | $ -134.97 M | |
| Net Income From Continuing Operations | $ -134.97 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.15 | |
| EPS Actual | $ -1.80 | |
| EPS Difference | $ -1.65 | |
| EPS Surprise | -1100.0 % | |
| Forward EPS | $ 0.61 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.9 B | |
| Intangible Assets | $ 471.1 M | |
| Net Tangible Assets | $ -676.41 M | |
| Total Current Assets | $ 2.3 B | |
| Cash and Short-Term Investments | $ 1.9 B | |
| Cash | $ 984.6 M | |
| Net Receivables | $ 181.6 M | |
| Inventory | $ 79.6 M | |
| Long-Term Investments | $ 18.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 45.5 M | |
| Short-Term Debt | $ 569.6 M | |
| Total Current Liabilities | $ 968.4 M | |
| Net Debt | $ 1.6 B | |
| Total Debt | $ 2.7 B | |
| Total Liabilities | $ 3.1 B | |
| EQUITY | ||
| Total Equity | $ -205.31 M | |
| Retained Earnings | $ -2.96 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -2.52 | |
| Shares Outstanding | 81.474 M | |
| Revenue Per-Share | $ 2.02 | |
| VALUATION | Market Capitalization | $ 6.0 B |
| Enterprise Value | $ 6.7 B | |
| Enterprise Multiple | -94.898 | |
| Enterprise Multiple QoQ | -154.794 % | |
| Enterprise Multiple YoY | 62.673 % | |
| Enterprise Multiple IPRWA | high: 194.621 median: 59.048 mean: 47.047 PTCT: -94.898 low: -160.468 |
|
| EV/R | 40.911 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -14.119 | |
| Asset To Liability | 0.934 | |
| Debt To Capital | 1.082 | |
| Debt To Assets | 0.934 | |
| Debt To Assets QoQ | 501.992 % | |
| Debt To Assets YoY | 517.598 % | |
| Debt To Assets IPRWA | high: 1.032 PTCT: 0.934 mean: 0.292 median: 0.255 low: 0.0 |
|
| Debt To Equity | -13.185 | |
| Debt To Equity QoQ | 400.743 % | |
| Debt To Equity YoY | 5515.682 % | |
| Debt To Equity IPRWA | high: 2.863 mean: 0.504 median: 0.108 low: -1.035 PTCT: -13.185 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -29.104 | |
| Price To Book QoQ | -6.535 % | |
| Price To Book YoY | 783.7 % | |
| Price To Book IPRWA | high: 20.409 mean: 8.736 median: 7.053 low: -9.401 PTCT: -29.104 |
|
| Price To Earnings (P/E) | -40.745 | |
| Price To Earnings QoQ | -113.43 % | |
| Price To Earnings YoY | 88.226 % | |
| Price To Earnings IPRWA | high: 133.808 mean: 59.041 median: -3.648 PTCT: -40.745 low: -196.849 |
|
| PE/G Ratio | 0.039 | |
| Price To Sales (P/S) | 36.285 | |
| Price To Sales QoQ | 57.863 % | |
| Price To Sales YoY | 113.889 % | |
| Price To Sales IPRWA | high: 292.611 PTCT: 36.285 mean: 33.05 median: 20.207 low: 1.382 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 118.785 | |
| Forward PE/G | -0.113 | |
| Forward P/S | -395.773 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 44.699 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.059 | |
| Asset Turnover Ratio QoQ | -25.688 % | |
| Asset Turnover Ratio YoY | -50.562 % | |
| Asset Turnover Ratio IPRWA | high: 0.317 mean: 0.124 median: 0.109 PTCT: 0.059 low: 0.0 |
|
| Receivables Turnover | 0.856 | |
| Receivables Turnover Ratio QoQ | -19.013 % | |
| Receivables Turnover Ratio YoY | -28.003 % | |
| Receivables Turnover Ratio IPRWA | high: 3.754 mean: 1.368 median: 1.259 PTCT: 0.856 low: 0.431 |
|
| Inventory Turnover | 0.105 | |
| Inventory Turnover Ratio QoQ | -71.129 % | |
| Inventory Turnover Ratio YoY | -81.013 % | |
| Inventory Turnover Ratio IPRWA | high: 3.387 mean: 0.726 median: 0.473 PTCT: 0.105 low: 0.032 |
|
| Days Sales Outstanding (DSO) | 106.583 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 251.807 | |
| Cash Conversion Cycle Days QoQ | 39.341 % | |
| Cash Conversion Cycle Days YoY | 28.633 % | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 PTCT: 251.807 mean: 227.012 median: 192.562 low: -852.294 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.126 | |
| CapEx To Revenue | -0.226 | |
| CapEx To Depreciation | -10.496 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ -676.41 M | |
| Net Working Capital | $ 1.3 B | |
| LIQUIDITY | ||
| Cash Ratio | 2.009 | |
| Current Ratio | 2.348 | |
| Current Ratio QoQ | 1.306 % | |
| Current Ratio YoY | -0.098 % | |
| Current Ratio IPRWA | high: 30.664 mean: 4.609 median: 2.762 PTCT: 2.348 low: 0.427 |
|
| Quick Ratio | 2.266 | |
| Quick Ratio QoQ | 0.392 % | |
| Quick Ratio YoY | -1.932 % | |
| Quick Ratio IPRWA | high: 9.56 PTCT: 2.266 mean: 2.112 median: 2.032 low: 0.401 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -38.131 | |
| Cost Of Debt | 3.436 % | |
| Interest Coverage Ratio | -1.52 | |
| Interest Coverage Ratio QoQ | -620.553 % | |
| Interest Coverage Ratio YoY | 16.367 % | |
| Interest Coverage Ratio IPRWA | high: 404.333 mean: 63.693 median: 2.25 PTCT: -1.52 low: -696.975 |
|
| Operating Cash Flow Ratio | -0.123 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 237.374 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.648 % | |
| Revenue Growth | -21.957 % | |
| Revenue Growth QoQ | -222.235 % | |
| Revenue Growth YoY | -363.684 % | |
| Revenue Growth IPRWA | high: 85.359 % mean: 6.3 % median: 1.995 % PTCT: -21.957 % low: -100.0 % |
|
| Earnings Growth | -1047.368 % | |
| Earnings Growth QoQ | 743.998 % | |
| Earnings Growth YoY | -2015.59 % | |
| Earnings Growth IPRWA | high: 70.37 % mean: -30.567 % median: -30.806 % low: -170.677 % PTCT: -1047.368 % |
|
| MARGINS | ||
| Gross Margin | 95.78 % | |
| Gross Margin QoQ | 3.522 % | |
| Gross Margin YoY | 3.701 % | |
| Gross Margin IPRWA | high: 99.959 % PTCT: 95.78 % median: 79.505 % mean: 79.049 % low: 5.09 % |
|
| EBIT Margin | -50.945 % | |
| EBIT Margin QoQ | -1229.35 % | |
| EBIT Margin YoY | 102.468 % | |
| EBIT Margin IPRWA | high: 72.362 % median: 26.478 % mean: 2.03 % PTCT: -50.945 % low: -1117.39 % |
|
| Return On Sales (ROS) | -49.566 % | |
| Return On Sales QoQ | -3098.548 % | |
| Return On Sales YoY | 96.988 % | |
| Return On Sales IPRWA | high: 62.442 % median: 27.569 % mean: 4.205 % PTCT: -49.566 % low: -1121.296 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -71.56 M | |
| Free Cash Flow Yield | -1.198 % | |
| Free Cash Flow Yield QoQ | -81.982 % | |
| Free Cash Flow Yield YoY | 18.731 % | |
| Free Cash Flow Yield IPRWA | high: 14.775 % mean: 0.735 % median: 0.544 % PTCT: -1.198 % low: -16.667 % |
|
| Free Cash Growth | -77.809 % | |
| Free Cash Growth QoQ | -118.64 % | |
| Free Cash Growth YoY | 33.207 % | |
| Free Cash Growth IPRWA | high: 124.18 % mean: -30.233 % median: -46.067 % PTCT: -77.809 % low: -163.887 % |
|
| Free Cash To Net Income | 0.53 | |
| Cash Flow Margin | -72.08 % | |
| Cash Flow To Earnings | 0.879 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -4.87 % | |
| Return On Assets QoQ | -908.97 % | |
| Return On Assets YoY | 31.09 % | |
| Return On Assets IPRWA | high: 4.717 % median: 1.768 % mean: -0.485 % PTCT: -4.87 % low: -43.276 % |
|
| Return On Capital Employed (ROCE) | -4.346 % | |
| Return On Equity (ROE) | 0.657 | |
| Return On Equity QoQ | -744.092 % | |
| Return On Equity YoY | 995.6 % | |
| Return On Equity IPRWA | PTCT: 0.657 high: 0.448 median: 0.058 mean: 0.049 low: -0.822 |
|
| DuPont ROE | 74.753 % | |
| Return On Invested Capital (ROIC) | -3.407 % | |
| Return On Invested Capital QoQ | -159.16 % | |
| Return On Invested Capital YoY | -180.506 % | |
| Return On Invested Capital IPRWA | high: 12.77 % median: 2.868 % mean: 2.373 % PTCT: -3.407 % low: -27.226 % |
|