PTC Therapeutics (NASDAQ:PTCT) Given New $130.00 Price Target at Cantor Fitzgerald

PTC Therapeutics (NASDAQ:PTCT) had its target price lifted by Cantor Fitzgerald from $124.00 to $130.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price would suggest a potential upside of 64.89% from the company’s previous close.

Several other research firms have also recently weighed in on PTCT. Truist Financial raised shares of PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Zacks Research raised shares of PTC Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Citigroup upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $75.00 to $108.00 in a research report on Tuesday, June 9th. Morgan Stanley reiterated an “overweight” rating and issued a $94.00 target price on shares of PTC Therapeutics in a research report on Friday, May 8th. Finally, Raymond James Financial began coverage on PTC Therapeutics in a research note on Friday, April 10th. They set an “outperform” rating and a $108.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, PTC Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $92.43.

PTC Therapeutics Trading Up 1.0%

Shares of PTCT opened at $78.84 on Thursday. The business’s 50 day moving average is $76.40 and its 200 day moving average is $72.76. The company has a market capitalization of $6.54 billion, a PE ratio of -33.84, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. PTC Therapeutics has a 12-month low of $43.17 and a 12-month high of $90.87.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.42. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 22.58%.The business had revenue of $272.55 million during the quarter, compared to the consensus estimate of $217.42 million. During the same period in the prior year, the company posted $10.04 EPS. The firm’s revenue for the quarter was up 43.5% compared to the same quarter last year. Equities research analysts predict that PTC Therapeutics will post 0.78 earnings per share for the current year.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 12,572 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $72.95, for a total value of $917,127.40. Following the completion of the sale, the chief executive officer owned 393,998 shares of the company’s stock, valued at $28,742,154.10. This trade represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Neil Gregory Almstead sold 24,613 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $88.89, for a total value of $2,187,849.57. Following the transaction, the insider owned 60,299 shares of the company’s stock, valued at $5,359,978.11. This trade represents a 28.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 201,512 shares of company stock worth $16,550,087 in the last three months. 5.50% of the stock is owned by insiders.

Institutional Trading of PTC Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. UMB Bank n.a. bought a new position in shares of PTC Therapeutics in the fourth quarter worth about $26,000. Comerica Bank lifted its holdings 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 buying an additional 469 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in PTC Therapeutics in the 4th quarter valued at about $41,000. Allworth Financial LP boosted its position in PTC Therapeutics by 63.8% in the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 247 shares during the period. Finally, First Horizon Corp bought a new position in PTC Therapeutics in the 4th quarter worth about $53,000.

PTC Therapeutics Company Profile

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.