Cantor Fitzgerald Weighs in on PTC Therapeutics, Inc.’s FY2024 Earnings (NASDAQ:PTCT)

PTC Therapeutics, Inc. (NASDAQ:PTCT) – Analysts at Cantor Fitzgerald dropped their FY2024 earnings estimates for PTC Therapeutics in a report issued on Monday, July 1st. Cantor Fitzgerald analyst K. Kluska now expects that the biopharmaceutical company will post earnings of ($4.72) per share for the year, down from their previous forecast of ($4.53). Cantor Fitzgerald has a “Overweight” rating and a $62.00 price target on the stock. The consensus estimate for PTC Therapeutics’ current full-year earnings is ($4.87) per share.

PTC Therapeutics (NASDAQ:PTCT) last announced its earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) EPS for the quarter, beating the consensus estimate of ($1.21) by $0.01. The business had revenue of $210.12 million for the quarter, compared to the consensus estimate of $160.27 million.

Several other analysts have also weighed in on the stock. Morgan Stanley upgraded shares of PTC Therapeutics from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $28.00 to $30.00 in a research note on Monday, April 29th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $53.00 price objective on shares of PTC Therapeutics in a research note on Thursday, June 20th. The Goldman Sachs Group lifted their price objective on shares of PTC Therapeutics from $18.00 to $32.00 and gave the company a “sell” rating in a research note on Tuesday, May 28th. Jefferies Financial Group lifted their price objective on shares of PTC Therapeutics from $35.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, May 20th. Finally, Raymond James upgraded shares of PTC Therapeutics from an “underperform” rating to a “market perform” 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.40.

PTC Therapeutics Price Performance

Shares of PTCT opened at $31.00 on Thursday. PTC Therapeutics has a 52-week low of $17.53 and a 52-week high of $42.63. The business’s 50 day moving average price is $34.55 and its two-hundred day moving average price is $30.10.

Insider Transactions at PTC Therapeutics

In other 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 value of $764,800.00. Following the completion of the sale, the director now owns 14,500 shares in the company, valued at approximately $554,480. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other 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 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 approximately $5,620,336.23. The transaction was disclosed in a document filed with the SEC, 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 stock was 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. Insiders sold a total of 24,323 shares of company stock worth $873,984 in the last quarter. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

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

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.