PTC Therapeutics (NASDAQ:PTCT) PT Raised to $62.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective increased by equities researchers at Cantor Fitzgerald from $52.00 to $62.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target points to a potential upside of 102.75% from the company’s previous close.

Several other equities research analysts have also issued reports on PTCT. Raymond James upgraded shares of PTC Therapeutics from an “underperform” rating to a “market perform” rating in a report on Monday, May 20th. 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 note on Friday, June 21st. JPMorgan Chase & Co. reissued an “overweight” rating and set a $53.00 price target on shares of PTC Therapeutics in a research note on Thursday, June 20th. Morgan Stanley upgraded PTC Therapeutics from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $28.00 to $30.00 in a research note on Monday, April 29th. Finally, Jefferies Financial Group raised their price target on shares of PTC Therapeutics from $35.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, May 20th. 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. Based on data from MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and an average target price of $37.40.

PTC Therapeutics Stock Performance

Shares of PTCT opened at $30.58 on Monday. The stock has a market capitalization of $2.35 billion, a PE ratio of -3.98 and a beta of 0.65. The company’s fifty day moving average is $34.23 and its 200 day moving average is $30.06. PTC Therapeutics has a fifty-two week low of $17.53 and a fifty-two week high of $42.63.

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

Insider Buying and Selling

In other PTC Therapeutics news, CEO Matthew B. Klein sold 3,361 shares of the stock in a transaction on Friday, April 19th. The stock was 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 approximately $5,620,336.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other PTC Therapeutics news, Director Jerome B. Zeldis sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $38.24, for a total value of $764,800.00. Following the completion of the sale, the director now directly owns 14,500 shares in the company, valued at $554,480. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Klein sold 3,361 shares of PTC Therapeutics stock in a transaction on Friday, April 19th. The stock was sold at an average price of $24.89, for a total transaction of $83,655.29. Following the completion of the transaction, the chief executive officer now directly owns 225,807 shares in the company, valued at $5,620,336.23. The disclosure for this sale can be found here. Insiders sold 24,849 shares of company stock valued at $888,907 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of PTC Therapeutics

A number of institutional investors have recently made changes to their positions in PTCT. Wellington Management Group LLP raised its stake in PTC Therapeutics by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 9,436,188 shares of the biopharmaceutical company’s stock worth $211,465,000 after acquiring an additional 2,649,824 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of PTC Therapeutics by 40.5% in 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 purchasing an additional 1,057,223 shares during the period. Vanguard Group Inc. raised its stake in shares of PTC Therapeutics by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 8,800,843 shares of the biopharmaceutical company’s stock worth $242,551,000 after purchasing an additional 855,354 shares during the last quarter. Armistice Capital LLC raised its stake in shares of PTC Therapeutics by 11.6% in the fourth 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 during the last quarter. Finally, Norges Bank acquired a new stake in shares of PTC Therapeutics during the fourth quarter worth about $15,058,000.

About PTC Therapeutics

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.