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

PTC Therapeutics (NASDAQ:PTCT) had its target price cut by investment analysts at JPMorgan Chase & Co. from $78.00 to $75.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 55.36% from the stock’s current price.

Several other brokerages have also issued reports on PTCT. Robert W. Baird lifted their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Royal Bank of Canada lifted their price target on PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Barclays upped their price objective on PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Cantor Fitzgerald lifted their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, UBS Group increased 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, PTC Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $63.77.

PTC Therapeutics Stock Performance

PTC Therapeutics stock traded down $5.97 during midday trading on Monday, hitting $48.27. 397,023 shares of the company’s stock were exchanged, compared to its average volume of 748,361. PTC Therapeutics has a 12 month low of $24.00 and a 12 month high of $58.38. The company has a market cap of $3.81 billion, a PE ratio of -8.07 and a beta of 0.66. The firm has a 50-day moving average of $51.04 and a two-hundred day moving average of $45.24.

Insiders Place Their Bets

In related news, Director Stephanie Okey sold 5,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $54.00, for a total transaction of $270,000.00. Following the completion of the transaction, the director now owns 8,867 shares of the company’s stock, valued at $478,818. This trade represents a 36.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Allan Steven Jacobson sold 1,230 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total transaction of $63,369.60. Following the completion of the sale, the director now directly owns 19,118 shares in the company, valued at approximately $984,959.36. The trade was a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,391 shares of company stock valued at $2,172,927. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds have recently modified their holdings of PTCT. Toronto Dominion Bank acquired a new position in shares of PTC Therapeutics during the 4th quarter worth approximately $148,363,000. Driehaus Capital Management LLC acquired a new position in PTC Therapeutics during the fourth quarter worth $46,993,000. Point72 Asset Management L.P. lifted its holdings in PTC Therapeutics by 150.6% during the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock valued at $65,153,000 after purchasing an additional 867,502 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of PTC Therapeutics by 24.4% in 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 purchasing an additional 455,698 shares during the period. Finally, Pictet Asset Management Holding SA increased its stake in shares of PTC Therapeutics by 107.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company’s stock worth $33,241,000 after purchasing an additional 381,319 shares in the last quarter.

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.