Cantor Fitzgerald Raises PTC Therapeutics (NASDAQ:PTCT) Price Target to $62.00

PTC Therapeutics (NASDAQ:PTCT) had its target price boosted by Cantor Fitzgerald from $52.00 to $62.00 in a research note published on Monday morning, Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock. Cantor Fitzgerald also issued estimates for PTC Therapeutics’ FY2024 earnings at ($4.72) EPS.

Several other equities analysts have also recently issued reports on PTCT. JPMorgan Chase & Co. reiterated an overweight rating and set a $53.00 price target on shares of PTC Therapeutics in a research report on Thursday, June 20th. Jefferies Financial Group boosted their price target on shares of PTC Therapeutics from $35.00 to $46.00 and gave the company a buy rating in a research report on Monday, May 20th. Bank of America boosted their price target on shares of PTC Therapeutics from $25.00 to $32.00 and gave the company an underperform rating in a research report on Friday, June 21st. Raymond James upgraded shares of PTC Therapeutics from an underperform rating to a market perform rating in a research report on Monday, May 20th. Finally, The Goldman Sachs Group boosted their price target on shares of PTC Therapeutics from $18.00 to $32.00 and gave the company a sell rating in a research report on Tuesday, May 28th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $37.40.

PTC Therapeutics Trading Up 2.0 %

PTCT stock opened at $31.00 on Monday. The firm’s 50-day moving average price is $34.66 and its two-hundred day moving average price is $30.11. PTC Therapeutics has a 12-month low of $17.53 and a 12-month high of $42.63. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -4.04 and a beta of 0.65.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.01. The firm had revenue of $210.12 million during the quarter, compared to analysts’ expectations of $160.27 million. Equities analysts predict that PTC Therapeutics will post -4.87 EPS for the current year.

Insider Transactions at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $24.89, for a total value of $83,655.29. Following the transaction, the chief executive officer now owns 225,807 shares in the company, valued at $5,620,336.23. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $24.89, for a total value of $83,655.29. Following the transaction, the chief executive officer now owns 225,807 shares in the company, valued at $5,620,336.23. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jerome B. Zeldis sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $38.24, for a total transaction of $764,800.00. Following the completion of the transaction, the director now owns 14,500 shares in the company, valued at approximately $554,480. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,323 shares of company stock worth $873,984. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PTCT. Wellington Management Group LLP raised its holdings in shares of PTC Therapeutics by 39.0% during the third quarter. Wellington Management Group LLP now owns 9,436,188 shares of the biopharmaceutical company’s stock valued at $211,465,000 after purchasing an additional 2,649,824 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of PTC Therapeutics by 40.5% during the first quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock valued at $106,744,000 after purchasing an additional 1,057,223 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of PTC Therapeutics by 10.8% during the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock valued at $242,551,000 after purchasing an additional 855,354 shares during the last quarter. Armistice Capital LLC raised its holdings in shares of PTC Therapeutics by 11.6% during the fourth quarter. Armistice Capital LLC now owns 6,864,000 shares of the biopharmaceutical company’s stock valued at $189,172,000 after purchasing an additional 714,000 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of PTC Therapeutics during the fourth quarter valued at approximately $15,058,000.

About PTC Therapeutics

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders in the United States and internationally. The company offers Translarna and Emflaza for the treatment of Duchenne muscular dystrophy; Upstaza to treat aromatic l-amino acid decarboxylas (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for the treatment of rare diseases; and Evrysdi to treat spinal muscular atrophy (SMA) in adults and children.