JPMorgan Chase & Co. Raises PTC Therapeutics (NASDAQ:PTCT) Price Target to $78.00

PTC Therapeutics (NASDAQ:PTCT) had its target price lifted by analysts at JPMorgan Chase & Co. from $72.00 to $78.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 43.12% from the stock’s current price.

A number of other analysts have also recently commented on the stock. Cantor Fitzgerald boosted their target price on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Barclays boosted their target price on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Robert W. Baird boosted their target price on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Royal Bank of Canada lifted their price target on PTC Therapeutics from $60.00 to $63.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, PTC Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $64.00.

PTC Therapeutics Trading Up 3.3 %

Shares of PTCT stock opened at $54.50 on Friday. PTC Therapeutics has a 12 month low of $24.00 and a 12 month high of $55.65. The stock has a market cap of $4.30 billion, a PE ratio of -9.18 and a beta of 0.66. The company’s fifty day moving average price is $48.60 and its 200-day moving average price is $43.57.

Insiders Place Their Bets

In other news, VP Mark Elliott Boulding sold 1,543 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $69,959.62. Following the completion of the sale, the vice president now owns 108,846 shares of the company’s stock, valued at $4,935,077.64. This represents a 1.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew B. Klein sold 8,279 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $45.16, for a total transaction of $373,879.64. Following the sale, the chief executive officer now directly owns 217,528 shares of the company’s stock, valued at $9,823,564.48. The trade was a 3.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,391 shares of company stock valued at $1,902,927. 5.50% of the stock is owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of PTC Therapeutics during the 4th quarter valued at about $4,891,000. Mackenzie Financial Corp increased its position in shares of PTC Therapeutics by 132.2% during the 4th quarter. Mackenzie Financial Corp now owns 22,776 shares of the biopharmaceutical company’s stock valued at $1,028,000 after purchasing an additional 12,967 shares during the last quarter. Toronto Dominion Bank bought a new position in shares of PTC Therapeutics during the 4th quarter valued at approximately $148,363,000. GF Fund Management CO. LTD. bought a new position in shares of PTC Therapeutics during the 4th quarter valued at approximately $73,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of PTC Therapeutics by 19.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,251 shares of the biopharmaceutical company’s stock valued at $7,234,000 after acquiring an additional 26,274 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.