Cantor Fitzgerald Raises PTC Therapeutics (NASDAQ:PTCT) Price Target to $62.00

PTC Therapeutics (NASDAQ:PTCTFree Report) had its price target raised by Cantor Fitzgerald from $52.00 to $62.00 in a research note published on Monday, Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the biopharmaceutical company’s stock. Cantor Fitzgerald also issued estimates for PTC Therapeutics’ FY2024 earnings at ($4.72) EPS.

Several other research analysts also recently commented on the stock. Raymond James upgraded shares of PTC Therapeutics from an underperform rating to a market perform rating in a research report on Monday, May 20th. 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 report on Tuesday, May 21st. Bank of America upped their price target on shares of PTC Therapeutics from $25.00 to $32.00 and gave the stock an underperform rating in a report on Friday, June 21st. JPMorgan Chase & Co. reiterated an overweight rating and set a $53.00 price target on shares of PTC Therapeutics in a report on Thursday, June 20th. Finally, Morgan Stanley upgraded shares of PTC Therapeutics from an underweight rating to an equal weight rating and upped their price target for the stock from $28.00 to $30.00 in a report on Monday, April 29th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, PTC Therapeutics presently has an average rating of Hold and a consensus price target of $37.40.

Read Our Latest Report on PTC Therapeutics

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $31.00 on Monday. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -4.04 and a beta of 0.65. The business has a 50-day moving average of $34.66 and a 200-day moving average of $30.11. PTC Therapeutics has a fifty-two week low of $17.53 and a fifty-two week high of $42.63.

PTC Therapeutics (NASDAQ:PTCTGet Free Report) last issued its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.21) by $0.01. The firm had revenue of $210.12 million during the quarter, compared to analyst estimates of $160.27 million. On average, sell-side analysts expect that PTC Therapeutics will post -4.87 EPS for the current year.

Insider Activity at PTC Therapeutics

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 sale, the director now owns 14,500 shares of the company’s stock, valued at $554,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other PTC Therapeutics 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 transaction of $83,655.29. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 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 sold 24,323 shares of company stock worth $873,984 over the last three months. Company insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of PTC Therapeutics by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 9,816,603 shares of the biopharmaceutical company’s stock worth $270,546,000 after purchasing an additional 380,415 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of PTC Therapeutics by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after purchasing an additional 568,171 shares in the last quarter. RTW Investments LP boosted its position in shares of PTC Therapeutics by 2.6% during the 4th quarter. RTW Investments LP now owns 7,423,970 shares of the biopharmaceutical company’s stock worth $204,605,000 after purchasing an additional 188,774 shares in the last quarter. Armistice Capital LLC boosted its position in shares of PTC Therapeutics by 11.6% during the 4th quarter. Armistice Capital LLC now owns 6,864,000 shares of the biopharmaceutical company’s stock worth $189,172,000 after purchasing an additional 714,000 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of PTC Therapeutics by 40.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after purchasing an additional 1,057,223 shares in the last quarter.

About PTC Therapeutics

(Get Free Report)

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.

Further Reading

Analyst Recommendations for PTC Therapeutics (NASDAQ:PTCT)

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