JPMorgan Chase & Co. Raises PTC Therapeutics (NASDAQ:PTCT) Price Target to $62.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective hoisted by JPMorgan Chase & Co. from $51.00 to $62.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other equities research analysts also recently weighed in on PTCT. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, September 4th. Barclays upped their price target on shares of PTC Therapeutics from $31.00 to $43.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Raymond James assumed coverage on shares of PTC Therapeutics in a research note on Thursday, October 10th. They set a “market perform” rating for the company. StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $42.00.

PTC Therapeutics Trading Up 0.3 %

Shares of PTCT opened at $39.36 on Tuesday. PTC Therapeutics has a 12 month low of $20.50 and a 12 month high of $46.98. The stock has a fifty day moving average price of $38.56 and a 200-day moving average price of $35.60. The firm has a market cap of $3.04 billion, a PE ratio of -6.66 and a beta of 0.63.

Hedge Funds Weigh In On PTC Therapeutics

Several large investors have recently made changes to their positions in PTCT. Burney Co. acquired a new stake in PTC Therapeutics during the first quarter valued at $1,223,000. Assenagon Asset Management S.A. boosted its stake in shares of PTC Therapeutics by 21.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock worth $11,401,000 after acquiring an additional 66,596 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of PTC Therapeutics by 17.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock valued at $8,533,000 after acquiring an additional 40,840 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of PTC Therapeutics in the 1st quarter valued at about $3,302,000. Finally, Renaissance Technologies LLC raised its holdings in PTC Therapeutics by 7.4% in the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock worth $25,017,000 after purchasing an additional 56,700 shares during the period.

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.