Cantor Fitzgerald Boosts PTC Therapeutics (NASDAQ:PTCT) Price Target to $130.00

PTC Therapeutics (NASDAQ:PTCT) had its target price upped by investment analysts at Cantor Fitzgerald from $124.00 to $130.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 65.42% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. TD Cowen upgraded shares of PTC Therapeutics from a “hold” rating to a “buy” rating and raised their target price for the stock from $75.00 to $90.00 in a report on Friday, May 8th. Citigroup upgraded shares of PTC Therapeutics from a “neutral” rating to a “buy” rating and upped their price target for the company from $75.00 to $108.00 in a report on Tuesday, June 9th. Morgan Stanley reissued an “overweight” rating and issued a $94.00 price objective on shares of PTC Therapeutics in a research report on Friday, May 8th. Zacks Research raised shares of PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Finally, Royal Bank Of Canada boosted their target price on PTC Therapeutics from $82.00 to $85.00 and gave the company a “sector perform” 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 issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.43.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $78.59 on Thursday. The firm has a market capitalization of $6.52 billion, a PE ratio of -33.73, a PEG ratio of 4.49 and a beta of 0.53. The stock’s fifty day moving average is $76.77 and its 200 day moving average is $72.80. PTC Therapeutics has a fifty-two week low of $43.17 and a fifty-two week high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping the consensus estimate 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 company had revenue of $272.55 million during the quarter, compared to analyst estimates of $217.42 million. During the same period in the previous year, the firm earned $10.04 earnings per share. PTC Therapeutics’s quarterly revenue was up 43.5% compared to the same quarter last year. Equities analysts forecast that PTC Therapeutics will post 0.63 EPS for the current year.

Insider Activity

In other news, Director Mary L. Smith sold 15,834 shares of the company’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.00, for a total value of $1,425,060.00. Following the transaction, the director directly owned 21,813 shares in the company, valued at approximately $1,963,170. This represents a 42.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Neil Gregory Almstead sold 2,464 shares of PTC Therapeutics stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.25, for a total transaction of $222,376.00. Following the sale, the insider owned 60,299 shares of the company’s stock, valued at $5,441,984.75. The trade was a 3.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 201,512 shares of company stock valued at $16,550,087. 5.50% of the stock is currently owned by company insiders.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of PTCT. UMB Bank n.a. bought a new position in PTC Therapeutics in the fourth quarter worth approximately $26,000. Comerica Bank raised its position in PTC Therapeutics by 868.5% during the 3rd quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 469 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in PTC Therapeutics during the 4th quarter valued at $41,000. Allworth Financial LP lifted its holdings in shares of PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock worth $48,000 after buying an additional 247 shares during the period. Finally, First Horizon Corp purchased a new stake in shares of PTC Therapeutics in the 4th quarter worth $53,000.

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.