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 $112.00 to $120.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 135.57% from the stock’s previous close. Cantor Fitzgerald also issued estimates for PTC Therapeutics’ FY2025 earnings at $8.16 EPS.

PTCT has been the subject of several other research reports. Bank of America upgraded PTC Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the company from $55.00 to $68.00 in a report on Friday, May 9th. Wall Street Zen cut PTC Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday, May 16th. Truist Financial assumed coverage on PTC Therapeutics in a report on Tuesday, June 17th. They issued a “buy” rating and a $80.00 price objective for the company. Barclays decreased their price objective on PTC Therapeutics from $56.00 to $42.00 and set an “equal weight” rating for the company in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price objective on PTC Therapeutics from $75.00 to $67.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.38.

PTC Therapeutics Trading Up 3.3%

PTCT stock opened at $50.94 on Tuesday. The stock has a 50-day moving average price of $48.95 and a two-hundred day moving average price of $48.58. The stock has a market cap of $4.04 billion, a PE ratio of 7.82 and a beta of 0.50. PTC Therapeutics has a 1 year low of $29.01 and a 1 year high of $58.38.

PTC Therapeutics (NASDAQ:PTCT) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $9.19. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $437.16 million. PTC Therapeutics had a negative return on equity of 78.56% and a net margin of 33.56%. The company’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.20) EPS. On average, analysts forecast that PTC Therapeutics will post -4.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Pierre Gravier sold 2,516 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $49.46, for a total transaction of $124,441.36. Following the transaction, the chief financial officer owned 71,920 shares in the company, valued at approximately $3,557,163.20. This trade represents a 3.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark Elliott Boulding sold 1,929 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $46.18, for a total value of $89,081.22. Following the transaction, the vice president owned 103,901 shares in the company, valued at approximately $4,798,148.18. This trade represents a 1.82% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,328 shares of company stock worth $254,158. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of large investors have recently made changes to their positions in PTCT. Sterling Capital Management LLC increased its stake in shares of PTC Therapeutics by 424.4% during the fourth quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 522 shares during the period. Quantbot Technologies LP raised its position in shares of PTC Therapeutics by 545.5% in the first quarter. Quantbot Technologies LP now owns 652 shares of the biopharmaceutical company’s stock valued at $33,000 after buying an additional 551 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of PTC Therapeutics by 84.2% in the first quarter. PNC Financial Services Group Inc. now owns 700 shares of the biopharmaceutical company’s stock valued at $36,000 after buying an additional 320 shares in the last quarter. GAMMA Investing LLC raised its position in shares of PTC Therapeutics by 86.3% in the first quarter. GAMMA Investing LLC now owns 952 shares of the biopharmaceutical company’s stock valued at $49,000 after buying an additional 441 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of PTC Therapeutics in the first quarter valued at approximately $61,000.

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.