PTC Therapeutics (NASDAQ:PTCT) Earns “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of PTC Therapeutics (NASDAQ:PTCT) in a research report released on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has a $64.00 price objective on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the stock. Morgan Stanley upped their price objective on shares of PTC Therapeutics from $30.00 to $32.00 and gave the stock an equal weight rating in a report on Friday, July 12th. Raymond James raised shares of PTC Therapeutics from an underperform rating to a market perform rating in a research note on Monday, May 20th. Bank of America lifted their price objective 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 target price on shares of PTC Therapeutics in a research report on Thursday, June 20th. Finally, Barclays lifted their price target on PTC Therapeutics from $25.00 to $31.00 and gave the company an equal weight rating in a research report on Friday, August 9th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, PTC Therapeutics has an average rating of Hold and an average price target of $35.85.

PTC Therapeutics Stock Performance

PTCT opened at $34.15 on Wednesday. The stock has a market capitalization of $2.63 billion, a PE ratio of -4.45 and a beta of 0.65. The stock’s 50 day moving average price is $33.07 and its 200-day moving average price is $31.42. PTC Therapeutics has a 52-week low of $17.53 and a 52-week high of $41.93.

Insider Activity

In related news, CFO Pierre Gravier sold 2,269 shares of the company’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 transaction, the chief financial officer now owns 53,531 shares in the company, valued at approximately $1,821,124.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 company. Hexagon Capital Partners LLC increased its holdings in shares of PTC Therapeutics by 132.0% in the 4th quarter. Hexagon Capital Partners LLC now owns 979 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 557 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of PTC Therapeutics during the first quarter valued at $46,000. Quest Partners LLC bought a new stake in PTC Therapeutics in the 2nd quarter worth about $128,000. Headlands Technologies LLC raised its position in PTC Therapeutics by 248.0% in the 4th quarter. Headlands Technologies LLC now owns 4,684 shares of the biopharmaceutical company’s stock worth $129,000 after buying an additional 3,338 shares during the last quarter. Finally, Quarry LP lifted its stake in PTC Therapeutics by 100.0% during the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock valued at $153,000 after acquiring an additional 2,500 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.