Cantor Fitzgerald Increases 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 report published on Monday morning, Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Other equities research analysts have also issued research reports about the company. Citigroup upped their target price on PTC Therapeutics from $18.00 to $26.00 and gave the company a sell rating in a research report on Tuesday, May 21st. The Goldman Sachs Group upped their target price on PTC Therapeutics from $18.00 to $32.00 and gave the company a sell rating in a research report on Tuesday, May 28th. Jefferies Financial Group upped their target price on PTC Therapeutics from $35.00 to $46.00 and gave the company a buy rating in a research report on Monday, May 20th. Morgan Stanley upgraded PTC Therapeutics from an underweight rating to an equal weight rating and upped their target price for the company from $28.00 to $30.00 in a research report on Monday, April 29th. Finally, Bank of America upped their target price on PTC Therapeutics from $25.00 to $32.00 and gave the company an underperform rating in a research report on Friday, June 21st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, PTC Therapeutics currently has a consensus rating of Hold and an average price target of $37.40.

PTC Therapeutics Trading Up 1.9 %

NASDAQ PTCT opened at $31.17 on Monday. The business’s 50-day moving average price is $34.33 and its two-hundred day moving average price is $30.08. PTC Therapeutics has a 12 month low of $17.53 and a 12 month high of $42.63. The firm has a market capitalization of $2.39 billion, a PE ratio of -4.06 and a beta of 0.65.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) EPS for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.01. The company had revenue of $210.12 million during the quarter, compared to the consensus estimate of $160.27 million. As a group, analysts forecast that PTC Therapeutics will post -4.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PTC Therapeutics news, Director Jerome B. Zeldis sold 20,000 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total transaction of $764,800.00. Following the transaction, the director now owns 14,500 shares in the company, valued at $554,480. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Matthew B. Klein sold 3,361 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 225,807 shares in the company, valued at $5,620,336.23. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jerome B. Zeldis sold 20,000 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total transaction of $764,800.00. Following the completion of the sale, the director now owns 14,500 shares of the company’s stock, 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. Insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in PTC Therapeutics by 4.0% during 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 buying an additional 380,415 shares during the period. Vanguard Group Inc. grew its position in PTC Therapeutics by 6.5% during the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock valued at $272,545,000 after buying an additional 568,171 shares during the period. RTW Investments LP grew its position in PTC Therapeutics by 2.6% during the fourth quarter. RTW Investments LP now owns 7,423,970 shares of the biopharmaceutical company’s stock valued at $204,605,000 after buying an additional 188,774 shares during the period. Armistice Capital LLC grew its position in 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 buying an additional 714,000 shares during the period. Finally, Janus Henderson Group PLC grew its position in 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 buying an additional 1,057,223 shares during the period.

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.