Cantor Fitzgerald Issues Positive Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

Key Points

• Cantor Fitzgerald has raised the price target for PTC Therapeutics from $112.00 to $120.00, indicating a potential upside of 142.33% from the stock's previous close.
• PTC Therapeutics shares rose 11.7% during trading on Tuesday, reaching $49.52, amidst a 1-year range between $29.01 and $58.38.
• The company's latest earnings report revealed an EPS of $10.04, significantly surpassing analysts' expectations of $0.85, although revenue declined by 9.6% year-over-year.

PTC Therapeutics (NASDAQ:PTCT - Free Report) had its price objective increased by Cantor Fitzgerald from $112.00 to $120.00 in a report released on Tuesday,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company's stock. Cantor Fitzgerald also issued estimates for PTC Therapeutics' FY2025 earnings at $8.16 EPS.

Other research analysts have also recently issued reports about the company. Wall Street Zen cut PTC Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 16th. Bank of America raised PTC Therapeutics from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $55.00 to $68.00 in a research report on Friday, May 9th. Truist Financial started coverage on PTC Therapeutics in a research report on Tuesday, June 17th. They set a "buy" rating and a $80.00 price objective for the company. Barclays reduced their price objective on PTC Therapeutics from $56.00 to $42.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. Finally, Wells Fargo & Company upped their price objective on PTC Therapeutics from $74.00 to $78.00 and gave the stock an "overweight" rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $69.38.

PTC Therapeutics Stock Up 3.3%

Shares of PTC Therapeutics stock traded up $1.65 during trading on Tuesday, reaching $50.94. 1,935,393 shares of the company were exchanged, compared to its average volume of 979,662. PTC Therapeutics has a twelve month low of $29.01 and a twelve month high of $58.38. The business has a 50-day moving average price of $48.95 and a 200-day moving average price of $48.58. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of 7.82 and a beta of 0.50.

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

Insider Activity at PTC Therapeutics

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 883 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $46.02, for a total value of $40,635.66. Following the transaction, the vice president owned 103,901 shares in the company, valued at approximately $4,781,524.02. This trade represents a 0.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,328 shares of company stock worth $254,158 in the last 90 days. Corporate insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in PTC Therapeutics during the 2nd quarter worth $1,546,000. Bayforest Capital Ltd boosted its holdings in shares of PTC Therapeutics by 130.3% in the 2nd quarter. Bayforest Capital Ltd now owns 18,779 shares of the biopharmaceutical company's stock valued at $917,000 after purchasing an additional 10,626 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of PTC Therapeutics by 22.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 12,545 shares of the biopharmaceutical company's stock valued at $613,000 after purchasing an additional 2,258 shares in the last quarter. Inspire Investing LLC boosted its holdings in shares of PTC Therapeutics by 15.4% in the 2nd quarter. Inspire Investing LLC now owns 7,943 shares of the biopharmaceutical company's stock valued at $388,000 after purchasing an additional 1,061 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of PTC Therapeutics by 16.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,062 shares of the biopharmaceutical company's stock valued at $150,000 after purchasing an additional 423 shares in the last quarter.

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.