PTC Therapeutics (NASDAQ:PTCT) Given New $75.00 Price Target at JPMorgan Chase & Co.

PTC Therapeutics (NASDAQ:PTCT) had its target price trimmed by JPMorgan Chase & Co. from $78.00 to $75.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other equities analysts have also recently issued reports on PTCT. Scotiabank assumed coverage on PTC Therapeutics in a report on Friday, March 7th. They issued a “sector perform” rating and a $55.00 target price on the stock. 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 research note on Tuesday, December 3rd. The Goldman Sachs Group boosted their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. Bank of America raised shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and raised their price target for the company from $41.00 to $55.00 in a research report on Tuesday, March 11th. Finally, Cantor Fitzgerald boosted their price objective on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Two 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’s stock. Based on data from MarketBeat.com, PTC Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $63.77.

PTC Therapeutics Stock Performance

PTCT stock opened at $50.96 on Monday. The stock’s 50 day simple moving average is $51.18 and its 200 day simple moving average is $45.37. The company has a market cap of $4.02 billion, a P/E ratio of -8.58 and a beta of 0.66. PTC Therapeutics has a fifty-two week low of $24.00 and a fifty-two week high of $58.38.

Insider Activity

In other PTC Therapeutics news, Director Allan Steven Jacobson sold 1,230 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total value of $63,369.60. Following the transaction, the director now directly owns 19,118 shares in the company, valued at $984,959.36. The trade was a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christine Marie Utter sold 1,291 shares of the stock in a transaction that occurred 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 $2,991,669.22. This represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,112 shares of company stock valued at $1,799,047 in the last ninety days. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

A number of hedge funds have recently modified their holdings of PTCT. Charles Schwab Investment Management Inc. raised its stake in shares of PTC Therapeutics by 7.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock valued at $26,220,000 after buying an additional 47,902 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PTC Therapeutics by 6.1% in 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 during the last quarter. Edgestream Partners L.P. raised its stake in PTC Therapeutics by 37.6% in the 3rd quarter. Edgestream Partners L.P. now owns 30,383 shares of the biopharmaceutical company’s stock valued at $1,127,000 after acquiring an additional 8,303 shares during the period. Parkman Healthcare Partners LLC purchased a new stake in PTC Therapeutics during the third quarter valued at about $7,234,000. Finally, Point72 Asset Management L.P. lifted its holdings in PTC Therapeutics by 945.6% during 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 last quarter.

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.