JPMorgan Chase & Co. Issues Pessimistic Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price objective cut by research analysts at JPMorgan Chase & Co. from $74.00 to $72.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 30.29% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada raised their price target on PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. Morgan Stanley raised shares of PTC Therapeutics from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $45.00 to $67.00 in a research report on Friday, December 13th. Barclays upped their price target on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Citigroup lifted their price objective 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. Finally, Wells Fargo & Company lifted their price target on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, PTC Therapeutics has a consensus rating of “Hold” and an average price target of $62.08.

PTC Therapeutics Trading Up 9.3 %

NASDAQ PTCT opened at $55.26 on Friday. The stock has a market cap of $4.26 billion, a PE ratio of -9.30 and a beta of 0.62. The company’s 50-day moving average price is $47.16 and its 200-day moving average price is $42.17. PTC Therapeutics has a 12 month low of $24.00 and a 12 month high of $55.41.

Insiders Place Their Bets

In other news, CAO Christine Marie Utter sold 17,800 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $51.77, for a total value of $921,506.00. Following the transaction, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at approximately $2,714,197.56. This trade represents a 25.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Neil Gregory Almstead sold 1,300 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total transaction of $65,130.00. Following the completion of the transaction, the insider now directly owns 101,931 shares in the company, valued at $5,106,743.10. The trade was a 1.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 218,590 shares of company stock valued at $11,264,023. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of PTC Therapeutics by 0.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,681 shares of the biopharmaceutical company’s stock valued at $2,967,000 after acquiring an additional 205 shares in the last quarter. Arizona State Retirement System boosted its holdings in PTC Therapeutics by 1.1% in the 4th quarter. Arizona State Retirement System now owns 20,095 shares of the biopharmaceutical company’s stock valued at $907,000 after purchasing an additional 219 shares in the last quarter. Choreo LLC increased its position in PTC Therapeutics by 2.0% during the 4th quarter. Choreo LLC now owns 11,961 shares of the biopharmaceutical company’s stock worth $541,000 after purchasing an additional 240 shares during the period. Summit Investment Advisors Inc. increased its position in PTC Therapeutics by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,968 shares of the biopharmaceutical company’s stock worth $360,000 after purchasing an additional 253 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake 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 worth $28,000 after buying an additional 270 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.