Cantor Fitzgerald Reaffirms “Overweight” Rating for PTC Therapeutics (NASDAQ:PTCT)

Cantor Fitzgerald reissued their overweight rating on shares of PTC Therapeutics (NASDAQ:PTCT) in a research note issued to investors on Tuesday morning, Benzinga reports. Cantor Fitzgerald currently has a $64.00 price objective on the biopharmaceutical company’s stock.

Several other brokerages have also commented on PTCT. Robert W. Baird initiated coverage on shares of PTC Therapeutics in a report on Wednesday, September 4th. They issued an outperform rating and a $44.00 price objective on the stock. Morgan Stanley lifted their price objective on PTC Therapeutics from $30.00 to $32.00 and gave the company an equal weight rating in a research note on Friday, July 12th. Bank of America boosted their price objective on PTC Therapeutics from $25.00 to $32.00 and gave the stock an underperform rating in a research report on Friday, June 21st. The Goldman Sachs Group lifted their price target on shares of PTC Therapeutics from $18.00 to $32.00 and gave the stock a sell rating in a research note on Tuesday, May 28th. Finally, JPMorgan Chase & Co. reissued an overweight rating and issued a $53.00 price objective on shares of PTC Therapeutics in a research report on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $37.64.

PTC Therapeutics Stock Performance

NASDAQ:PTCT opened at $36.16 on Tuesday. PTC Therapeutics has a one year low of $17.53 and a one year high of $40.69. The stock has a 50 day moving average price of $33.35 and a 200 day moving average price of $32.38. The stock has a market cap of $2.77 billion, a PE ratio of -4.71 and a beta of 0.64.

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

Insider Buying and Selling

In related news, CFO Pierre Gravier sold 2,269 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $34.02, for a total value of $77,191.38. Following the completion of the sale, the chief financial officer now owns 53,531 shares in the company, valued at $1,821,124.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of PTC Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of PTCT. Allspring Global Investments Holdings LLC purchased a new position in PTC Therapeutics during the first quarter worth about $46,000. Quest Partners LLC purchased a new stake in shares of PTC Therapeutics during the 2nd quarter valued at $128,000. Quarry LP increased its holdings in shares of PTC Therapeutics by 100.0% during the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after buying an additional 2,500 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of PTC Therapeutics by 268.9% in the 1st quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 4,741 shares during the period. Finally, Headlands Technologies LLC boosted its holdings in PTC Therapeutics by 83.2% in the second quarter. Headlands Technologies LLC now owns 6,611 shares of the biopharmaceutical company’s stock valued at $202,000 after acquiring an additional 3,002 shares during 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.