JPMorgan Chase & Co. Forecasts Strong Price Appreciation for PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics (NASDAQ:PTCT) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $72.00 to $78.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 41.55% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. Robert W. Baird increased their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Morgan Stanley reiterated an “overweight” rating and set a $70.00 target price (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Citigroup raised their price target on PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday, February 12th. Finally, Cantor Fitzgerald raised their target price on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $64.00.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT traded up $2.34 during mid-day trading on Friday, hitting $55.10. The company had a trading volume of 174,611 shares, compared to its average volume of 738,534. The company has a market capitalization of $4.35 billion, a PE ratio of -9.28 and a beta of 0.66. The business’s 50-day simple moving average is $48.44 and its 200 day simple moving average is $43.37. PTC Therapeutics has a 1-year low of $24.00 and a 1-year high of $57.04.

Insider Buying and Selling

In other PTC Therapeutics news, CAO Christine Marie Utter sold 1,291 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $58,533.94. Following the sale, the chief accounting officer now directly owns 65,983 shares in the company, valued at approximately $2,991,669.22. The trade was a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark Elliott Boulding sold 1,543 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $69,959.62. Following the transaction, the vice president now directly owns 108,846 shares of the company’s stock, valued at approximately $4,935,077.64. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,870 shares of company stock valued at $1,075,657 over the last quarter. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors have recently added to or reduced their stakes in PTCT. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of PTC Therapeutics in the fourth quarter worth approximately $4,891,000. Mackenzie Financial Corp boosted its position in shares of PTC Therapeutics by 132.2% in the fourth quarter. Mackenzie Financial Corp now owns 22,776 shares of the biopharmaceutical company’s stock worth $1,028,000 after buying an additional 12,967 shares during the period. Toronto Dominion Bank purchased a new position in PTC Therapeutics in the 4th quarter worth approximately $148,363,000. GF Fund Management CO. LTD. acquired a new stake in PTC Therapeutics during the 4th quarter valued at $73,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of PTC Therapeutics by 19.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,251 shares of the biopharmaceutical company’s stock worth $7,234,000 after acquiring an additional 26,274 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.