Cantor Fitzgerald Boosts PTC Therapeutics (NASDAQ:PTCT) Price Target to $137.00

Key Points

• Cantor Fitzgerald raised PTC Therapeutics’ price target to $137 from $130 and maintained an “overweight” rating, implying nearly 110% upside from the prior close.
• Analyst sentiment is broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $99.08, despite shares opening at $65.26 and trading near the lower end of their 52-week range.
• PTC Therapeutics exceeded quarterly expectations, reporting $0.92 in earnings per share versus a $0.24 consensus and $360.52 million in revenue, up 101.5% year over year.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its price objective raised by stock analysts at Cantor Fitzgerald from $130.00 to $137.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an "overweight" rating on the biopharmaceutical company's stock. Cantor Fitzgerald's price objective points to a potential upside of 109.93% from the stock's previous close.

PTCT has been the subject of several other reports. Royal Bank Of Canada lifted their target price on shares of PTC Therapeutics from $82.00 to $85.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. Leerink Partners started coverage on shares of PTC Therapeutics in a report on Monday, September 14th. They issued an "outperform" rating and a $98.00 price objective for the company. Wall Street Zen upgraded shares of PTC Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Morgan Stanley increased their target price on shares of PTC Therapeutics from $93.00 to $104.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Finally, Zacks Research cut PTC Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $99.08.

PTC Therapeutics Stock Down 0.2%

Shares of PTCT opened at $65.26 on Tuesday. PTC Therapeutics has a 52 week low of $57.74 and a 52 week high of $90.87. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of -112.52, a PEG ratio of 2.02 and a beta of 0.55. The stock's 50-day moving average price is $71.95 and its 200-day moving average price is $72.15.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.68. PTC Therapeutics had a negative return on equity of 362.45% and a negative net margin of 3.80%.The company had revenue of $360.52 million during the quarter, compared to analysts' expectations of $298.63 million. During the same period last year, the business earned ($0.83) earnings per share. PTC Therapeutics's quarterly revenue was up 101.5% on a year-over-year basis. As a group, equities analysts anticipate that PTC Therapeutics will post 1.17 EPS for the current fiscal year.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew Klein sold 10,292 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.57, for a total transaction of $705,722.44. Following the transaction, the chief executive officer directly owned 383,868 shares of the company's stock, valued at $26,321,828.76. This trade represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mary Smith sold 15,834 shares of PTC Therapeutics stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $90.00, for a total transaction of $1,425,060.00. Following the completion of the sale, the director owned 21,813 shares in the company, valued at approximately $1,963,170. This trade represents a 42.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 162,669 shares of company stock valued at $13,208,674. Insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of PTC Therapeutics in the second quarter worth approximately $1,139,089,000. Jupiter Topco LLC purchased a new position in PTC Therapeutics in the 2nd quarter valued at $590,182,000. Janus Henderson Group PLC lifted its holdings in PTC Therapeutics by 48.3% in the 1st quarter. Janus Henderson Group PLC now owns 7,193,433 shares of the biopharmaceutical company's stock valued at $489,997,000 after purchasing an additional 2,342,101 shares in the last quarter. Wellington Management Group LLP boosted its stake in PTC Therapeutics by 4.7% during the 2nd quarter. Wellington Management Group LLP now owns 4,128,273 shares of the biopharmaceutical company's stock worth $336,743,000 after purchasing an additional 185,663 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in PTC Therapeutics by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 2,016,062 shares of the biopharmaceutical company's stock worth $153,164,000 after purchasing an additional 65,184 shares during the last quarter.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for rare diseases. The company uses technologies involving RNA biology, gene therapy and small-molecule drug discovery to address conditions with limited treatment options, including rare neurological and metabolic disorders.

PTC's commercial portfolio has included Translarna (ataluren), an investigational treatment in some markets for Duchenne muscular dystrophy associated with a nonsense mutation, and Emflaza (deflazacort), a corticosteroid approved in the United States for Duchenne muscular dystrophy.

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