Cantor Fitzgerald Forecasts Strong Price Appreciation for PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by stock analysts at Cantor Fitzgerald from $76.00 to $113.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 128.84% from the stock’s current price.

A number of other analysts have also commented on PTCT. Robert W. Baird upped their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Raymond James started coverage on shares of PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating for the company. UBS Group lifted their price objective on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group boosted their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, December 4th. Finally, StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, PTC Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $57.85.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT opened at $49.38 on Monday. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of -8.31 and a beta of 0.62. PTC Therapeutics has a 1-year low of $23.58 and a 1-year high of $54.16. The company has a 50 day moving average price of $46.14 and a 200 day moving average price of $40.05.

PTC Therapeutics (NASDAQ:PTCT) last released its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($1.39) earnings per share for the quarter, topping the consensus estimate of ($1.54) by $0.15. The company had revenue of $196.79 million for the quarter, compared to the consensus estimate of $173.51 million. During the same period in the prior year, the business earned ($1.76) earnings per share. On average, sell-side analysts expect that PTC Therapeutics will post -4.56 EPS for the current fiscal year.

Insider Activity at PTC Therapeutics

In related news, insider Neil Gregory Almstead sold 69,550 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $52.06, for a total value of $3,620,773.00. Following the transaction, the insider now directly owns 86,202 shares of the company’s stock, valued at approximately $4,487,676.12. This trade represents a 44.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Christine Marie Utter sold 17,800 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $51.77, for a total value of $921,506.00. Following the sale, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at $2,714,197.56. The trade was a 25.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 211,737 shares of company stock valued at $10,920,687. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of PTC Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Venturi Wealth Management LLC bought a new position in PTC Therapeutics in the 4th quarter worth $68,000. R Squared Ltd bought a new position in shares of PTC Therapeutics in the fourth quarter worth about $79,000. KBC Group NV increased its stake in shares of PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 504 shares during the period. CWM LLC lifted its position in shares of PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after purchasing an additional 2,096 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in PTC Therapeutics by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock valued at $104,000 after purchasing an additional 492 shares during the period.

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.