Why PTC Therapeutics (PTCT) Shares Are Plunging Today - PTC Therapeutics (NASDAQ:PTCT)

PTC Therapeutics Inc PTCT entered into a strategic financing collaboration with Blackstone Inc BX. As part of the collaboration, Blackstone Life Sciences and Blackstone Credit will provide PTC with an initial $500 million commitment, including $350 million in low-cost, low-dilution capital.
"This strategic financing will support the acceleration of PTC's robust and diversified pipeline, business development opportunities, and general corporate purposes," said Emily Hill, Chief Financial Officer, PTC Therapeutics.
Earnings: PTC Therapeutics reported Q3 sales of $217.13 million, compared to $138.7 million a year ago, beating the consensus of $186.90 million.
Cash, cash equivalents, and marketable securities were $288.4 million.
The company reported a Q3 EPS loss of $(1.53), better than $(1.89) a year ago.
Guidance: PTC anticipates FY22 sales of $710-$750 million (consensus $726.44 million), compared to previous guidance of $700-$750 million.
PTC anticipates FY22 net product revenues for the DMD franchise of $490-$500 million, compared to previous guidance of $475-$495 million.
Price Action: PTCT shares are down 12.8% at $38.87 on the last check Friday.