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

PTC Therapeutics (NASDAQ:PTCT) had its price target cut by equities researchers at Cantor Fitzgerald from $80.00 to $76.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 81.77% from the stock’s current price.

A number of other brokerages also recently commented on PTCT. Wells Fargo & Company boosted their price objective on PTC Therapeutics from $56.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, December 18th. UBS Group raised their price objective on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. lifted their price objective on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, Raymond James started coverage on PTC Therapeutics in a report on Thursday, October 10th. They issued a “market perform” rating on the stock. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, PTC Therapeutics presently has a consensus rating of “Hold” and an average price target of $55.00.

PTC Therapeutics Trading Down 5.1 %

NASDAQ:PTCT opened at $41.81 on Wednesday. PTC Therapeutics has a 12-month low of $23.58 and a 12-month high of $54.16. The firm has a market cap of $3.22 billion, a PE ratio of -7.04 and a beta of 0.62. The stock has a fifty day moving average price of $45.28 and a 200 day moving average price of $38.64.

Insider Activity at PTC Therapeutics

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the completion of the sale, the chief executive officer now directly owns 217,528 shares of the company’s stock, valued at approximately $9,823,564.48. This trade represents a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Neil Gregory Almstead sold 69,550 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the completion of the sale, the insider now owns 86,202 shares of the company’s stock, valued at $4,487,676.12. This trade represents a 44.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 211,737 shares of company stock valued at $10,920,687 in the last three months. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Diversified Trust Co increased its position in PTC Therapeutics by 10.4% during the 4th quarter. Diversified Trust Co now owns 16,818 shares of the biopharmaceutical company’s stock worth $759,000 after purchasing an additional 1,578 shares during the period. Geode Capital Management LLC grew its holdings in PTC Therapeutics by 0.6% during the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock worth $66,743,000 after acquiring an additional 10,886 shares during the period. Two Sigma Advisers LP lifted its holdings in PTC Therapeutics by 10.3% in the third quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock valued at $15,947,000 after acquiring an additional 40,300 shares during the period. Sphera Funds Management LTD. boosted its position in shares of PTC Therapeutics by 25.5% during the 3rd quarter. Sphera Funds Management LTD. now owns 118,345 shares of the biopharmaceutical company’s stock worth $4,391,000 after purchasing an additional 24,027 shares in the last quarter. Finally, State Street Corp grew its stake in shares of PTC Therapeutics by 5.4% during the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after purchasing an additional 149,700 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.