JPMorgan Chase & Co. Has Lowered Expectations for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its target price lowered by analysts at JPMorgan Chase & Co. from $74.00 to $72.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 30.29% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on PTCT. UBS Group boosted their price target on shares of PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Morgan Stanley raised PTC Therapeutics from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $67.00 in a research report on Friday, December 13th. Citigroup lifted their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a report on Wednesday, February 12th. Royal Bank of Canada increased their target price on shares of PTC Therapeutics from $60.00 to $63.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. Finally, The Goldman Sachs Group lifted their price objective on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $62.08.

PTC Therapeutics Trading Up 9.3 %

PTCT stock opened at $55.26 on Friday. The stock has a market cap of $4.26 billion, a P/E ratio of -9.30 and a beta of 0.62. PTC Therapeutics has a twelve month low of $24.00 and a twelve month high of $55.41. The company’s 50 day moving average is $47.16 and its two-hundred day moving average is $42.17.

Insider Buying and Selling

In other PTC Therapeutics news, VP Mark Elliott Boulding sold 85,600 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the sale, the vice president now directly owns 92,389 shares of the company’s stock, valued at approximately $4,828,249.14. This represents a 48.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Neil Gregory Almstead sold 69,550 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,590 shares of company stock worth $11,264,023 in the last 90 days. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank bought a new stake in shares of PTC Therapeutics during the 4th quarter worth $148,363,000. Driehaus Capital Management LLC bought a new position in PTC Therapeutics in the 4th quarter valued at approximately $46,993,000. Point72 Asset Management L.P. boosted its holdings in PTC Therapeutics by 150.6% in the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock worth $65,153,000 after purchasing an additional 867,502 shares during the last quarter. Janus Henderson Group PLC grew its position in PTC Therapeutics by 24.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company’s stock valued at $105,015,000 after buying an additional 455,698 shares during the period. Finally, Pictet Asset Management Holding SA grew its stake in shares of PTC Therapeutics by 107.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock valued at $33,241,000 after acquiring an additional 381,319 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.