Intrinsic value of PTC Therapeutics - PTCT

Previous Close

$18.25

  Intrinsic Value

$0.72

stock screener

  Rating & Target

str. sell

-96%

  Value-price divergence*

-234%

Previous close

$18.25

 
Intrinsic value

$0.72

 
Up/down potential

-96%

 
Rating

str. sell

 
Value-price divergence*

-234%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PTCT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  124.32
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  83
  133
  205
  307
  445
  628
  864
  1,159
  1,522
  1,958
  2,474
  3,072
  3,755
  4,527
  5,386
  6,333
  7,366
  8,486
  9,688
  10,972
  12,336
  13,778
  15,296
  16,889
  18,557
  20,299
  22,115
  24,007
  25,975
  28,021
  30,148
Variable operating expenses, $m
 
  147
  227
  340
  493
  696
  957
  1,284
  1,686
  2,170
  2,741
  3,403
  4,161
  5,015
  5,967
  7,017
  8,162
  9,402
  10,734
  12,157
  13,668
  15,266
  16,948
  18,713
  20,561
  22,491
  24,504
  26,600
  28,780
  31,048
  33,404
Fixed operating expenses, $m
 
  171
  175
  180
  184
  189
  194
  199
  203
  209
  214
  219
  225
  230
  236
  242
  248
  254
  260
  267
  274
  280
  288
  295
  302
  310
  317
  325
  333
  342
  350
Total operating expenses, $m
  215
  318
  402
  520
  677
  885
  1,151
  1,483
  1,889
  2,379
  2,955
  3,622
  4,386
  5,245
  6,203
  7,259
  8,410
  9,656
  10,994
  12,424
  13,942
  15,546
  17,236
  19,008
  20,863
  22,801
  24,821
  26,925
  29,113
  31,390
  33,754
Operating income, $m
  -132
  -186
  -198
  -213
  -232
  -257
  -287
  -324
  -368
  -420
  -481
  -551
  -630
  -719
  -818
  -926
  -1,043
  -1,171
  -1,307
  -1,452
  -1,606
  -1,768
  -1,939
  -2,119
  -2,306
  -2,502
  -2,706
  -2,918
  -3,139
  -3,368
  -3,606
EBITDA, $m
  -129
  -183
  -194
  -207
  -224
  -245
  -270
  -301
  -339
  -382
  -433
  -492
  -558
  -632
  -714
  -804
  -902
  -1,008
  -1,121
  -1,241
  -1,369
  -1,504
  -1,646
  -1,794
  -1,950
  -2,112
  -2,281
  -2,457
  -2,640
  -2,830
  -3,027
Interest expense (income), $m
  5
  5
  0
  2
  4
  7
  11
  16
  22
  30
  39
  50
  63
  77
  94
  112
  132
  154
  178
  203
  231
  260
  290
  323
  356
  392
  429
  468
  508
  550
  593
Earnings before tax, $m
  -142
  -191
  -198
  -215
  -236
  -264
  -298
  -339
  -390
  -450
  -520
  -601
  -693
  -796
  -911
  -1,038
  -1,175
  -1,324
  -1,485
  -1,655
  -1,837
  -2,028
  -2,230
  -2,441
  -2,663
  -2,894
  -3,135
  -3,386
  -3,647
  -3,918
  -4,200
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -142
  -191
  -198
  -215
  -236
  -264
  -298
  -339
  -390
  -450
  -520
  -601
  -693
  -796
  -911
  -1,038
  -1,175
  -1,324
  -1,485
  -1,655
  -1,837
  -2,028
  -2,230
  -2,441
  -2,663
  -2,894
  -3,135
  -3,386
  -3,647
  -3,918
  -4,200

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  232
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  269
  59
  91
  137
  198
  280
  385
  517
  679
  873
  1,103
  1,369
  1,674
  2,018
  2,401
  2,823
  3,284
  3,783
  4,319
  4,892
  5,500
  6,143
  6,819
  7,530
  8,273
  9,050
  9,860
  10,703
  11,580
  12,493
  13,441
Adjusted assets (=assets-cash), $m
  37
  59
  91
  137
  198
  280
  385
  517
  679
  873
  1,103
  1,369
  1,674
  2,018
  2,401
  2,823
  3,284
  3,783
  4,319
  4,892
  5,500
  6,143
  6,819
  7,530
  8,273
  9,050
  9,860
  10,703
  11,580
  12,493
  13,441
Revenue / Adjusted assets
  2.243
  2.254
  2.253
  2.241
  2.247
  2.243
  2.244
  2.242
  2.242
  2.243
  2.243
  2.244
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
Average production assets, $m
  8
  13
  20
  29
  43
  60
  83
  111
  146
  188
  237
  295
  361
  435
  517
  608
  707
  815
  930
  1,053
  1,184
  1,323
  1,468
  1,621
  1,781
  1,949
  2,123
  2,305
  2,494
  2,690
  2,894
Working capital, $m
  211
  -34
  -52
  -78
  -113
  -159
  -218
  -293
  -385
  -495
  -626
  -777
  -950
  -1,145
  -1,363
  -1,602
  -1,864
  -2,147
  -2,451
  -2,776
  -3,121
  -3,486
  -3,870
  -4,273
  -4,695
  -5,136
  -5,595
  -6,074
  -6,572
  -7,089
  -7,628
Total debt, $m
  98
  2
  31
  72
  128
  201
  295
  414
  560
  735
  942
  1,182
  1,456
  1,765
  2,110
  2,490
  2,905
  3,354
  3,836
  4,352
  4,899
  5,477
  6,086
  6,726
  7,395
  8,094
  8,823
  9,582
  10,371
  11,193
  12,046
Total liabilities, $m
  150
  53
  82
  123
  179
  252
  346
  465
  611
  786
  993
  1,233
  1,507
  1,816
  2,161
  2,541
  2,956
  3,405
  3,887
  4,403
  4,950
  5,528
  6,137
  6,777
  7,446
  8,145
  8,874
  9,633
  10,422
  11,244
  12,097
Total equity, $m
  120
  6
  9
  14
  20
  28
  38
  52
  68
  87
  110
  137
  167
  202
  240
  282
  328
  378
  432
  489
  550
  614
  682
  753
  827
  905
  986
  1,070
  1,158
  1,249
  1,344
Total liabilities and equity, $m
  270
  59
  91
  137
  199
  280
  384
  517
  679
  873
  1,103
  1,370
  1,674
  2,018
  2,401
  2,823
  3,284
  3,783
  4,319
  4,892
  5,500
  6,142
  6,819
  7,530
  8,273
  9,050
  9,860
  10,703
  11,580
  12,493
  13,441
Debt-to-equity ratio
  0.817
  0.390
  3.420
  5.270
  6.430
  7.180
  7.680
  8.010
  8.250
  8.420
  8.540
  8.630
  8.700
  8.750
  8.790
  8.820
  8.840
  8.870
  8.880
  8.900
  8.910
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
Adjusted equity ratio
  -3.027
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -142
  -191
  -198
  -215
  -236
  -264
  -298
  -339
  -390
  -450
  -520
  -601
  -693
  -796
  -911
  -1,038
  -1,175
  -1,324
  -1,485
  -1,655
  -1,837
  -2,028
  -2,230
  -2,441
  -2,663
  -2,894
  -3,135
  -3,386
  -3,647
  -3,918
  -4,200
Depreciation, amort., depletion, $m
  3
  3
  4
  6
  9
  12
  17
  22
  29
  38
  47
  59
  72
  87
  103
  122
  141
  163
  186
  211
  237
  265
  294
  324
  356
  390
  425
  461
  499
  538
  579
Funds from operations, $m
  -113
  -188
  -194
  -209
  -228
  -251
  -281
  -317
  -361
  -412
  -472
  -542
  -621
  -709
  -808
  -916
  -1,034
  -1,162
  -1,299
  -1,445
  -1,600
  -1,764
  -1,936
  -2,117
  -2,306
  -2,504
  -2,710
  -2,925
  -3,148
  -3,380
  -3,621
Change in working capital, $m
  -9
  -13
  -18
  -26
  -35
  -46
  -60
  -75
  -92
  -110
  -130
  -151
  -173
  -195
  -217
  -240
  -262
  -283
  -304
  -325
  -345
  -365
  -384
  -403
  -422
  -441
  -460
  -479
  -498
  -518
  -538
Cash from operations, $m
  -104
  -176
  -175
  -183
  -193
  -205
  -221
  -242
  -269
  -302
  -342
  -390
  -448
  -514
  -590
  -676
  -772
  -878
  -994
  -1,120
  -1,255
  -1,399
  -1,552
  -1,714
  -1,884
  -2,063
  -2,251
  -2,446
  -2,650
  -2,862
  -3,083
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -9
  -12
  -17
  -22
  -29
  -38
  -47
  -59
  -72
  -87
  -103
  -122
  -141
  -163
  -186
  -211
  -237
  -265
  -294
  -324
  -356
  -390
  -425
  -461
  -499
  -538
New CAPEX, $m
  -2
  -5
  -7
  -10
  -13
  -18
  -23
  -28
  -35
  -42
  -49
  -57
  -66
  -74
  -82
  -91
  -99
  -107
  -115
  -123
  -131
  -138
  -146
  -153
  -160
  -167
  -174
  -182
  -189
  -196
  -204
Cash from investing activities, $m
  104
  -7
  -10
  -14
  -19
  -27
  -35
  -45
  -57
  -71
  -87
  -104
  -125
  -146
  -169
  -194
  -221
  -248
  -278
  -309
  -342
  -375
  -411
  -447
  -484
  -523
  -564
  -607
  -650
  -695
  -742
Free cash flow, $m
  0
  -182
  -185
  -197
  -212
  -231
  -256
  -287
  -326
  -373
  -429
  -495
  -572
  -660
  -760
  -871
  -993
  -1,127
  -1,273
  -1,429
  -1,596
  -1,774
  -1,962
  -2,161
  -2,369
  -2,587
  -2,815
  -3,052
  -3,300
  -3,557
  -3,825
Issuance/(repayment) of debt, $m
  0
  -96
  29
  41
  56
  73
  94
  119
  146
  175
  207
  240
  274
  309
  345
  380
  415
  449
  483
  515
  547
  578
  609
  639
  669
  699
  729
  759
  790
  821
  853
Issuance/(repurchase) of shares, $m
  1
  309
  201
  219
  242
  272
  308
  353
  406
  469
  543
  627
  723
  831
  949
  1,080
  1,222
  1,374
  1,538
  1,713
  1,897
  2,092
  2,297
  2,512
  2,737
  2,971
  3,216
  3,470
  3,734
  4,009
  4,294
Cash from financing (excl. dividends), $m  
  1
  213
  230
  260
  298
  345
  402
  472
  552
  644
  750
  867
  997
  1,140
  1,294
  1,460
  1,637
  1,823
  2,021
  2,228
  2,444
  2,670
  2,906
  3,151
  3,406
  3,670
  3,945
  4,229
  4,524
  4,830
  5,147
Total cash flow (excl. dividends), $m
  0
  31
  45
  63
  86
  114
  146
  184
  226
  271
  320
  372
  425
  480
  534
  589
  643
  696
  748
  799
  848
  897
  944
  991
  1,037
  1,084
  1,130
  1,177
  1,224
  1,273
  1,323
Retained Cash Flow (-), $m
  106
  -309
  -201
  -219
  -242
  -272
  -308
  -353
  -406
  -469
  -543
  -627
  -723
  -831
  -949
  -1,080
  -1,222
  -1,374
  -1,538
  -1,713
  -1,897
  -2,092
  -2,297
  -2,512
  -2,737
  -2,971
  -3,216
  -3,470
  -3,734
  -4,009
  -4,294
Prev. year cash balance distribution, $m
 
  232
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -46
  -156
  -156
  -156
  -158
  -162
  -169
  -180
  -198
  -222
  -255
  -298
  -351
  -415
  -491
  -579
  -678
  -790
  -914
  -1,049
  -1,196
  -1,353
  -1,521
  -1,700
  -1,888
  -2,086
  -2,293
  -2,510
  -2,736
  -2,971
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -44
  -143
  -136
  -129
  -122
  -117
  -114
  -113
  -114
  -117
  -121
  -127
  -133
  -139
  -144
  -147
  -148
  -146
  -141
  -133
  -124
  -112
  -100
  -87
  -73
  -61
  -49
  -39
  -30
  -22
Current shareholders' claim on cash, %
  100
  50.0
  7.8
  1.6
  0.4
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

PTC Therapeutics, Inc. is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of medicines using its expertise in ribonucleic acid (RNA) biology. Its product pipeline includes Ataluren (Translarna), PTC596 and RG7916. Its product candidate, ataluren, is an orally administered small-molecule compound for the treatment of patients with genetic disorders due to a nonsense mutation. Ataluren is in clinical development for the treatment of Duchenne muscular dystrophy caused by a nonsense mutation (nmDMD) and cystic fibrosis caused by a nonsense mutation (nmCF). PTC596 is an orally active small molecule that targets tumor stem cell populations by reducing the function, activity and amount of BMI1. RG7916 is an investigational oral therapeutic, which is in two clinical studies: SUNFISH, a trial in childhood onset (Type II/III) spinal muscular atrophy (SMA) patients, and FIREFISH, a trial in infant onset (Type I) SMA patients.

FINANCIAL RATIOS  of  PTC Therapeutics (PTCT)

Valuation Ratios
P/E Ratio -4.4
Price to Sales 7.5
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow -6
Price to Free Cash Flow -5.9
Growth Rates
Sales Growth Rate 124.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 81.7%
Total Debt to Equity 81.7%
Interest Coverage -27
Management Effectiveness
Return On Assets -43.2%
Ret/ On Assets - 3 Yr. Avg. -43.6%
Return On Total Capital -53%
Ret/ On T. Cap. - 3 Yr. Avg. -50.5%
Return On Equity -82.1%
Return On Equity - 3 Yr. Avg. -63.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -161.4%
EBITDA Margin - 3 Yr. Avg. -332.3%
Operating Margin -159%
Oper. Margin - 3 Yr. Avg. -336.8%
Pre-Tax Margin -171.1%
Pre-Tax Margin - 3 Yr. Avg. -340.8%
Net Profit Margin -171.1%
Net Profit Margin - 3 Yr. Avg. -335.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.4%
Payout Ratio 0%

PTCT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PTCT stock intrinsic value calculation we used $83 million for the last fiscal year's total revenue generated by PTC Therapeutics. The default revenue input number comes from 2016 income statement of PTC Therapeutics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PTCT stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PTCT is calculated based on our internal credit rating of PTC Therapeutics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PTC Therapeutics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PTCT stock the variable cost ratio is equal to 110.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $167 million in the base year in the intrinsic value calculation for PTCT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.3% for PTC Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for PTC Therapeutics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PTCT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PTCT are equal to 9.6%.

Life of production assets of 2.7 years is the average useful life of capital assets used in PTC Therapeutics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PTCT is equal to -25.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $120 million for PTC Therapeutics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 41.454 million for PTC Therapeutics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PTC Therapeutics at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Why PTC Therapeutics, Inc. Dropped Today   [Oct-03-17 05:33PM  Motley Fool]
▶ AveXis Flies, But PTC Sinks On Spinal Muscular Atrophy Data   [04:25PM  Investor's Business Daily]
▶ Investors want PTC Therapeutics to be the next Sarepta   [Oct-01-17 05:11PM  MarketWatch]
▶ Sarepta Dives On Drug-Tied Deaths, Helping PTC Shares Spike   [Sep-29-17 04:50PM  Investor's Business Daily]
▶ 3 Biotech Stocks With Major Catalysts Incoming   [Sep-21-17 05:31PM  Motley Fool]
▶ 3 Biotech Stocks That Could Soar in September   [Aug-27-17 07:27AM  Motley Fool]
▶ PTC Therapeutics reports 2Q loss   [Aug-08-17 04:47PM  Associated Press]
▶ How These Biotechs Are Dodging Payor Pushback In Muscular Dystrophy   [Jul-17-17 04:33PM  Investor's Business Daily]
▶ Here's Why PTC Therapeutics, Inc. Popped 45.2% in June   [Jul-08-17 06:43AM  Motley Fool]
▶ [$$] PTC Expects Net Price of $35,000 Annually Per Patient for Emflaza   [May-08-17 11:52PM  The Wall Street Journal]
▶ PTC Therapeutics reports 1Q loss   [07:40AM  Associated Press]
▶ 5 Stocks with Earnings Acceleration to Buy Now   [May-02-17 10:33AM  Zacks]
▶ Why PTC Therapeutics Dropped 25.3% in March   [Apr-07-17 07:45AM  Motley Fool]
▶ [$$] Marathon Sells Muscular-Dystrophy Drug to PTC After Pricing Scrutiny   [Mar-16-17 04:43PM  at The Wall Street Journal]
Financial statements of PTCT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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