PTC Therapeutics (NASDAQ:PTCT) Price Target Lowered to $76.00 at Cantor Fitzgerald

PTC Therapeutics (NASDAQ:PTCT) had its price target trimmed by Cantor Fitzgerald from $80.00 to $76.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

Several other analysts have also recently weighed in on PTCT. JPMorgan Chase & Co. boosted their price objective on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Raymond James began coverage on PTC Therapeutics in a research report on Thursday, October 10th. They set a “market perform” rating for the company. Barclays raised their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on shares of PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $55.00.

PTC Therapeutics Price Performance

NASDAQ:PTCT opened at $42.27 on Wednesday. PTC Therapeutics has a one year low of $23.58 and a one year high of $54.16. The company has a market cap of $3.26 billion, a PE ratio of -7.12 and a beta of 0.62. The firm’s 50 day simple moving average is $45.26 and its 200 day simple moving average is $38.66.

Insider Buying and Selling

In related news, CEO Matthew B. Klein sold 8,279 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total value of $373,879.64. Following the completion of the sale, the chief executive officer now owns 217,528 shares in the company, valued at $9,823,564.48. The trade was a 3.67 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Mark Elliott Boulding sold 85,600 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $52.26, for a total value of $4,473,456.00. Following the transaction, the vice president now directly owns 92,389 shares in the company, valued at $4,828,249.14. This trade represents a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,737 shares of company stock valued at $10,920,687. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Choreo LLC grew its position in shares of PTC Therapeutics by 4.1% in the 2nd quarter. Choreo LLC now owns 11,426 shares of the biopharmaceutical company’s stock worth $356,000 after buying an additional 452 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in PTC Therapeutics by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock worth $104,000 after acquiring an additional 492 shares during the period. KBC Group NV boosted its stake in shares of PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after acquiring an additional 504 shares during the period. Creative Planning increased its holdings in shares of PTC Therapeutics by 8.1% in the third quarter. Creative Planning now owns 10,944 shares of the biopharmaceutical company’s stock worth $406,000 after purchasing an additional 816 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PTC Therapeutics by 6.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,413 shares of the biopharmaceutical company’s stock worth $572,000 after acquiring an additional 884 shares in the last quarter.

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.