PTC Therapeutics’ (PTCT) “Overweight” Rating Reiterated at Cantor Fitzgerald

PTC Therapeutics (NASDAQ:PTCT)‘s stock had its “overweight” rating reissued by equities research analysts at Cantor Fitzgerald in a report issued on Tuesday, Benzinga reports. They currently have a $64.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 87.35% from the stock’s current price.

A number of other equities research analysts have also recently commented on PTCT. Jefferies Financial Group increased their target price on shares of PTC Therapeutics from $35.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, May 20th. Citigroup raised their price objective on PTC Therapeutics from $18.00 to $26.00 and gave the stock a “sell” rating in a research report on Tuesday, May 21st. Bank of America upped their target price on PTC Therapeutics from $25.00 to $32.00 and gave the company an “underperform” rating in a research report on Friday, June 21st. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $53.00 price target on shares of PTC Therapeutics in a report on Thursday, June 20th. Finally, Morgan Stanley upped their price objective on shares of PTC Therapeutics from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, July 12th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, PTC Therapeutics presently has an average rating of “Hold” and an average target price of $37.13.

PTC Therapeutics Trading Up 1.2 %

Shares of NASDAQ:PTCT traded up $0.39 on Tuesday, reaching $34.16. The company had a trading volume of 51,087 shares, compared to its average volume of 854,564. The firm has a market capitalization of $2.62 billion, a PE ratio of -4.45 and a beta of 0.64. PTC Therapeutics has a 52-week low of $17.53 and a 52-week high of $40.69. The firm’s 50 day simple moving average is $33.14 and its 200-day simple moving average is $32.31.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($0.16). The business had revenue of $186.70 million during the quarter, compared to the consensus estimate of $192.12 million. As a group, equities research analysts predict that PTC Therapeutics will post -5.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Pierre Gravier sold 2,269 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $34.02, for a total value of $77,191.38. Following the completion of the transaction, the chief financial officer now owns 53,531 shares of the company’s stock, valued at approximately $1,821,124.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.50% of the stock is owned by insiders.

Institutional Trading of PTC Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTCT. Russell Investments Group Ltd. boosted its stake in shares of PTC Therapeutics by 57.9% during the 1st quarter. Russell Investments Group Ltd. now owns 301,790 shares of the biopharmaceutical company’s stock worth $8,779,000 after acquiring an additional 110,670 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in PTC Therapeutics by 8.7% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,365 shares of the biopharmaceutical company’s stock valued at $12,782,000 after purchasing an additional 35,173 shares during the period. Edgestream Partners L.P. grew its holdings in PTC Therapeutics by 49.3% in the first quarter. Edgestream Partners L.P. now owns 53,522 shares of the biopharmaceutical company’s stock valued at $1,557,000 after purchasing an additional 17,681 shares during the period. Burney Co. purchased a new stake in shares of PTC Therapeutics in the first quarter valued at approximately $1,223,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of PTC Therapeutics by 21.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock worth $11,401,000 after buying an additional 66,596 shares during the period.

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.