Cantor Fitzgerald Issues Positive Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price target hoisted by Cantor Fitzgerald from $124.00 to $130.00 in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

PTCT has been the topic of a number of other reports. Weiss Ratings cut shares of PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $94.00 target price on shares of PTC Therapeutics in a report on Friday, May 8th. Raymond James Financial began coverage on PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 price target on the stock. Jefferies Financial Group upgraded PTC Therapeutics from a “hold” rating to a “buy” rating and upped their price objective for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Finally, Zacks Research upgraded PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.43.

PTC Therapeutics Stock Down 0.4%

PTCT stock opened at $78.52 on Thursday. PTC Therapeutics has a 52 week low of $43.17 and a 52 week high of $90.87. The business has a 50-day simple moving average of $76.68 and a 200 day simple moving average of $72.76. The company has a market cap of $6.51 billion, a PE ratio of -33.70, a price-to-earnings-growth ratio of 4.51 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.42. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The firm had revenue of $272.55 million for the quarter, compared to the consensus estimate of $217.42 million. During the same period in the prior year, the company posted $10.04 earnings per share. The business’s revenue for the quarter was up 43.5% on a year-over-year basis. On average, analysts anticipate that PTC Therapeutics will post 0.63 EPS for the current fiscal year.

Insider Activity

In other news, VP Mark Elliott Boulding sold 5,079 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $85.08, for a total value of $432,121.32. Following the completion of the transaction, the vice president owned 105,272 shares of the company’s stock, valued at $8,956,541.76. This represents a 4.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mary L. Smith sold 15,834 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the completion of the transaction, the director owned 21,813 shares of the company’s stock, valued at approximately $1,963,170. This trade represents a 42.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 201,512 shares of company stock valued at $16,550,087. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several large investors have recently modified their holdings of the business. Handelsbanken Fonder AB lifted its holdings in shares of PTC Therapeutics by 15.1% during the second quarter. Handelsbanken Fonder AB now owns 29,000 shares of the biopharmaceutical company’s stock worth $2,366,000 after purchasing an additional 3,800 shares during the period. GAMMA Investing LLC increased its holdings in PTC Therapeutics by 58.1% in the second quarter. GAMMA Investing LLC now owns 1,453 shares of the biopharmaceutical company’s stock valued at $119,000 after purchasing an additional 534 shares during the period. Avior Wealth Management LLC bought a new position in PTC Therapeutics during the 2nd quarter worth $308,000. Harbor Investment Advisory LLC acquired a new position in PTC Therapeutics during the 2nd quarter worth about $81,000. Finally, Defilade Capital Management L.P. bought a new stake in shares of PTC Therapeutics in the 1st quarter valued at about $25,628,000.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.