FY2024 EPS Estimates for PTCT Lifted by Cantor Fitzgerald

PTC Therapeutics, Inc. (NASDAQ:PTCT) – Cantor Fitzgerald raised their FY2024 earnings per share estimates for PTC Therapeutics in a report released on Wednesday, January 15th. Cantor Fitzgerald analyst K. Kluska now expects that the biopharmaceutical company will post earnings of ($3.30) per share for the year, up from their prior estimate of ($3.90). Cantor Fitzgerald has a “Overweight” rating and a $76.00 price objective on the stock. The consensus estimate for PTC Therapeutics’ current full-year earnings is ($4.90) per share.

PTCT has been the subject of a number of other reports. StockNews.com lowered shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, December 18th. Robert W. Baird boosted their price target on PTC Therapeutics from $52.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. increased their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Wells Fargo & Company boosted their target price on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Morgan Stanley upgraded shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $67.00 in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $55.00.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $43.84 on Friday. The firm has a market cap of $3.38 billion, a P/E ratio of -7.38 and a beta of 0.62. PTC Therapeutics has a fifty-two week low of $23.58 and a fifty-two week high of $54.16. The firm has a 50-day simple moving average of $45.26 and a two-hundred day simple moving average of $38.78.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Armistice Capital LLC grew its holdings in shares of PTC Therapeutics by 2.9% in the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after purchasing an additional 198,227 shares in the last quarter. State Street Corp boosted its stake in shares of PTC Therapeutics by 5.4% during the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after purchasing an additional 149,700 shares during the period. Geode Capital Management LLC grew its holdings in shares of PTC Therapeutics by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after purchasing an additional 10,886 shares during the last quarter. Renaissance Technologies LLC increased its stake in PTC Therapeutics by 7.4% in the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock worth $25,017,000 after buying an additional 56,700 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in PTC Therapeutics by 7.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock valued at $26,220,000 after buying an additional 47,902 shares in the last quarter.

Insider Buying and Selling at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 69,550 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the completion of the sale, the insider now owns 86,202 shares of the company’s stock, valued at approximately $4,487,676.12. The trade was a 44.65 % 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. Also, VP Mark Elliott Boulding sold 85,600 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.26, for a total value of $4,473,456.00. Following the completion of the transaction, the vice president now directly owns 92,389 shares in the company, valued at $4,828,249.14. This trade represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,737 shares of company stock valued at $10,920,687. Insiders own 5.50% of the company’s stock.

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.