Cantor Fitzgerald Has Positive View of PTCT FY2024 Earnings

PTC Therapeutics, Inc. (NASDAQ:PTCT) – Stock analysts at Cantor Fitzgerald upped their FY2024 earnings per share (EPS) estimates for PTC Therapeutics in a report issued on Wednesday, January 15th. Cantor Fitzgerald analyst K. Kluska now expects that the biopharmaceutical company will earn ($3.30) per share for the year, up from their previous forecast of ($3.90). Cantor Fitzgerald currently has a “Overweight” rating and a $76.00 target price on the stock. The consensus estimate for PTC Therapeutics’ current full-year earnings is ($4.90) per share.

Other research analysts have also recently issued reports about the stock. UBS Group boosted their target price on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada upgraded shares of PTC Therapeutics from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $39.00 to $63.00 in a report on Tuesday, December 3rd. Robert W. Baird raised their target price on PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Citigroup boosted their price target on PTC Therapeutics from $26.00 to $32.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Finally, Barclays raised their price objective on PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight 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 company presently has an average rating of “Hold” and a consensus price target of $55.00.

PTC Therapeutics Price Performance

PTC Therapeutics stock opened at $43.08 on Friday. PTC Therapeutics has a one year low of $23.58 and a one year high of $54.16. The stock’s 50 day moving average price is $45.27 and its 200 day moving average price is $38.69.

Institutional Trading of PTC Therapeutics

Several hedge funds have recently bought and sold shares of PTCT. Point72 Asset Management L.P. increased its stake in shares of PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after purchasing an additional 643,960 shares during the period. Armistice Capital LLC grew its holdings in PTC Therapeutics by 2.9% in the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after buying an additional 198,227 shares in the last quarter. Parkman Healthcare Partners LLC acquired a new stake in PTC Therapeutics in the 3rd quarter valued at approximately $7,234,000. Ensign Peak Advisors Inc raised its stake in PTC Therapeutics by 650.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock valued at $6,370,000 after acquiring an additional 180,561 shares in the last quarter. Finally, Millennium Management LLC boosted its position in PTC Therapeutics by 123.2% during the 2nd quarter. Millennium Management LLC now owns 317,579 shares of the biopharmaceutical company’s stock worth $9,712,000 after acquiring an additional 175,289 shares during the period.

Insider Transactions at PTC Therapeutics

In other PTC Therapeutics news, insider Neil Gregory Almstead sold 69,550 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $52.06, for a total value of $3,620,773.00. Following the sale, the insider now directly owns 86,202 shares of the company’s stock, valued at $4,487,676.12. This trade represents a 44.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Christine Marie Utter sold 1,291 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $58,533.94. Following the transaction, the chief accounting officer now directly owns 65,983 shares of the company’s stock, valued at approximately $2,991,669.22. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 211,737 shares of company stock worth $10,920,687. 5.50% of the stock is currently owned by insiders.

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.