PTC Therapeutics (NASDAQ:PTCT) Given New $62.00 Price Target at Cantor Fitzgerald

PTC Therapeutics (NASDAQ:PTCT) had its price objective lifted by analysts at Cantor Fitzgerald from $52.00 to $62.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 102.75% from the stock’s current price.

Several other equities analysts have also commented on PTCT. Raymond James upgraded PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research note on Monday, May 20th. The Goldman Sachs Group raised their target price on shares of PTC Therapeutics from $18.00 to $32.00 and gave the stock a “sell” rating in a research report on Tuesday, May 28th. Citigroup upped their price target on shares of PTC Therapeutics from $18.00 to $26.00 and gave the stock a “sell” rating in a research report on Tuesday, May 21st. Bank of America increased their price target on shares of PTC Therapeutics from $25.00 to $32.00 and gave the stock an “underperform” rating in a research note on Friday, June 21st. Finally, Morgan Stanley raised shares of PTC Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $28.00 to $30.00 in a research note on Monday, April 29th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $37.40.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $30.58 on Monday. The company has a 50-day simple moving average of $34.23 and a 200-day simple moving average of $30.06. The company has a market cap of $2.35 billion, a PE ratio of -3.98 and a beta of 0.65. PTC Therapeutics has a 12 month low of $17.53 and a 12 month high of $42.63.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.01. The firm had revenue of $210.12 million for the quarter, compared to analyst estimates of $160.27 million. On average, analysts anticipate that PTC Therapeutics will post -4.88 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the sale, the chief executive officer now owns 225,807 shares of the company’s stock, valued at $5,620,336.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 225,807 shares in the company, valued at $5,620,336.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jerome B. Zeldis sold 20,000 shares of PTC Therapeutics stock in a transaction 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 sale, the director now directly owns 14,500 shares in the company, valued at approximately $554,480. The disclosure for this sale can be found here. Insiders have sold a total of 24,849 shares of company stock worth $888,907 over the last quarter. 5.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PTCT. Vise Technologies Inc. increased its holdings in PTC Therapeutics by 20.1% during the 4th quarter. Vise Technologies Inc. now owns 12,808 shares of the biopharmaceutical company’s stock worth $353,000 after purchasing an additional 2,140 shares during the last quarter. Trexquant Investment LP bought a new stake in shares of PTC Therapeutics in the fourth quarter worth $6,412,000. Wellington Management Group LLP raised its holdings in PTC Therapeutics by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock valued at $270,546,000 after acquiring an additional 380,415 shares in the last quarter. Walleye Capital LLC boosted its stake in PTC Therapeutics by 958.6% during the 3rd quarter. Walleye Capital LLC now owns 72,030 shares of the biopharmaceutical company’s stock valued at $1,614,000 after acquiring an additional 65,226 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in PTC Therapeutics by 10.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,122,698 shares of the biopharmaceutical company’s stock worth $25,160,000 after acquiring an additional 104,024 shares in the last quarter.

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.