FY2024 EPS Estimates for PTCT Raised by Cantor Fitzgerald

PTC Therapeutics, Inc. (NASDAQ:PTCT) – Stock analysts at Cantor Fitzgerald raised their FY2024 earnings per share estimates for PTC Therapeutics in a report issued on Wednesday, January 15th. Cantor Fitzgerald analyst K. Kluska now expects that the biopharmaceutical company will post earnings of ($3.30) per share for the year, up from their prior estimate of ($3.90). Cantor Fitzgerald has a “Overweight” rating and a $76.00 price objective on the stock. The consensus estimate for PTC Therapeutics’ current full-year earnings is ($4.90) per share.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $45.00 to $67.00 in a research note on Friday, December 13th. The Goldman Sachs Group lifted their target price on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a report on Wednesday, December 4th. Citigroup increased their price target on PTC Therapeutics from $26.00 to $32.00 and gave the company a “sell” rating in a research note on Wednesday, December 4th. Raymond James initiated coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a “market perform” rating on the stock. Finally, Barclays increased their target price on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $55.00.

PTC Therapeutics Stock Up 1.8 %

NASDAQ:PTCT opened at $43.84 on Friday. PTC Therapeutics has a twelve month low of $23.58 and a twelve month high of $54.16. The stock’s 50-day simple moving average is $45.26 and its 200 day simple moving average is $38.84. The firm has a market capitalization of $3.38 billion, a PE ratio of -7.38 and a beta of 0.62.

Insider Activity at PTC Therapeutics

In related news, VP Mark Elliott Boulding sold 85,600 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the sale, the vice president now owns 92,389 shares of the company’s stock, valued at approximately $4,828,249.14. This represents a 48.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Neil Gregory Almstead sold 69,550 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the completion of the transaction, the insider now directly owns 86,202 shares of the company’s stock, valued at approximately $4,487,676.12. The trade was a 44.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 211,737 shares of company stock worth $10,920,687. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors have recently added to or reduced their stakes in PTCT. Armistice Capital LLC increased its position in shares of PTC Therapeutics by 2.9% in the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after purchasing an additional 198,227 shares during the last quarter. State Street Corp lifted its position in PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after buying an additional 149,700 shares during the last quarter. Geode Capital Management LLC boosted its stake in PTC Therapeutics by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after buying an additional 10,886 shares in the last quarter. Renaissance Technologies LLC grew its position in PTC Therapeutics by 7.4% during the second quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock valued at $25,017,000 after acquiring an additional 56,700 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of PTC Therapeutics by 7.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock worth $26,220,000 after acquiring an additional 47,902 shares in the last quarter.

PTC Therapeutics Company Profile

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.