Cantor Fitzgerald Boosts PTC Therapeutics (NASDAQ:PTCT) Price Target to $130.00

Key Points

• Cantor Fitzgerald raised its price target on PTC Therapeutics to $130 from $124 and kept an overweight rating, implying roughly 64.9% upside from the current share price.
• The stock has drawn broader analyst support, with several firms recently upgrading PTCT; MarketBeat shows a Moderate Buy consensus and an average price target of $92.43.
• PTC Therapeutics reported a strong quarter with EPS of -$0.03 versus expectations for -$0.45 and revenue of $272.55 million, up 43.5% year over year.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its price objective upped by research analysts at Cantor Fitzgerald from $124.00 to $130.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the biopharmaceutical company's stock. Cantor Fitzgerald's target price points to a potential upside of 64.89% from the stock's current price.

PTCT has been the subject of a number of other reports. Jefferies Financial Group raised shares of PTC Therapeutics from a "hold" rating to a "buy" rating and upped their price objective for the stock from $76.00 to $85.00 in a research report on Wednesday, May 27th. Zacks Research upgraded PTC Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 7th. TD Cowen raised PTC Therapeutics from a "hold" rating to a "buy" rating and increased their price target for the company from $75.00 to $90.00 in a research report on Friday, May 8th. Morgan Stanley reiterated an "overweight" rating and set a $94.00 price target on shares of PTC Therapeutics in a report on Friday, May 8th. Finally, Citigroup upgraded PTC Therapeutics from a "neutral" rating to a "buy" rating and upped their price objective for the company from $75.00 to $108.00 in a research note on Tuesday, June 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $92.43.

PTC Therapeutics Stock Up 1.0%

Shares of NASDAQ:PTCT opened at $78.84 on Thursday. The business's 50 day moving average is $76.40 and its 200 day moving average is $72.76. PTC Therapeutics has a 12-month low of $43.17 and a 12-month high of $90.87. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of -33.84, a PEG ratio of 3.59 and a beta of 0.53.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.45) by $0.42. The firm had revenue of $272.55 million for the quarter, compared to the consensus estimate of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The business's revenue for the quarter was up 43.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.04 EPS. As a group, equities research analysts expect that PTC Therapeutics will post 0.78 earnings per share for the current year.

Insider Activity at PTC Therapeutics

In related news, insider Neil Gregory Almstead sold 2,464 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $90.25, for a total value of $222,376.00. Following the completion of the transaction, the insider directly owned 60,299 shares of the company's stock, valued at approximately $5,441,984.75. This trade represents a 3.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mark Elliott Boulding sold 5,079 shares of PTC Therapeutics stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $85.08, for a total transaction of $432,121.32. Following the completion of the transaction, the vice president owned 105,272 shares of the company's stock, valued at $8,956,541.76. This represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 201,512 shares of company stock worth $16,550,087. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. UMB Bank n.a. bought a new stake in shares of PTC Therapeutics during the 4th quarter valued at about $26,000. Comerica Bank grew its stake in shares of PTC Therapeutics by 868.5% in the third quarter. Comerica Bank now owns 523 shares of the biopharmaceutical company's stock worth $32,000 after acquiring an additional 469 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of PTC Therapeutics during the fourth quarter valued at approximately $41,000. IFP Advisors Inc raised its stake in shares of PTC Therapeutics by 68.1% in the third quarter. IFP Advisors Inc now owns 765 shares of the biopharmaceutical company's stock worth $47,000 after purchasing an additional 310 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in PTC Therapeutics by 63.8% during the 4th quarter. Allworth Financial LP now owns 634 shares of the biopharmaceutical company's stock valued at $48,000 after acquiring an additional 247 shares during the period.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company's research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC's approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.

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