JPMorgan Chase & Co. Cuts PTC Therapeutics (NASDAQ:PTCT) Price Target to $72.00

PTC Therapeutics (NASDAQ:PTCT) had its price target reduced by JPMorgan Chase & Co. from $74.00 to $72.00 in a report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other analysts have also recently issued reports on the stock. Citigroup raised their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the stock a “sell” rating in a research note on Wednesday, February 12th. UBS Group raised their target price on shares of PTC Therapeutics from $47.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group raised their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Morgan Stanley upgraded shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $45.00 to $67.00 in a research note on Friday, December 13th. Finally, Royal Bank of Canada raised 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. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, PTC Therapeutics currently has a consensus rating of “Hold” and an average price target of $59.62.

PTC Therapeutics Price Performance

Shares of PTCT opened at $55.26 on Friday. The firm has a 50-day moving average of $46.98 and a 200-day moving average of $42.01. PTC Therapeutics has a one year low of $24.00 and a one year high of $55.41. The company has a market cap of $4.26 billion, a PE ratio of -9.30 and a beta of 0.62.

Insider Activity

In other news, CEO Matthew B. Klein sold 8,279 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $45.16, for a total value of $373,879.64. Following the completion of the transaction, the chief executive officer now directly owns 217,528 shares in the company, valued at approximately $9,823,564.48. The trade was a 3.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Neil Gregory Almstead sold 69,550 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.06, for a total transaction of $3,620,773.00. Following the completion of the transaction, the insider now owns 86,202 shares of the company’s stock, valued at $4,487,676.12. The trade was a 44.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,590 shares of company stock worth $11,264,023. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its holdings in shares of PTC Therapeutics by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 613 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 270 shares during the last quarter. Sterling Capital Management LLC grew its holdings in shares of PTC Therapeutics by 424.4% during the 4th quarter. Sterling Capital Management LLC now owns 645 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 522 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in shares of PTC Therapeutics during the 4th quarter valued at approximately $68,000. GF Fund Management CO. LTD. bought a new stake in shares of PTC Therapeutics during the 4th quarter valued at approximately $73,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of PTC Therapeutics during the 4th quarter valued at approximately $77,000.

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.