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

PTC Therapeutics (NASDAQ:PTCT - Free Report) had its price objective cut by JPMorgan Chase & Co. from $78.00 to $75.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company's stock.

Several other research analysts have also issued reports on the stock. StockNews.com lowered shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a research report on Monday, February 17th. Scotiabank initiated coverage on PTC Therapeutics in a report on Friday, March 7th. They issued a "sector perform" rating and a $55.00 price objective for the company. Royal Bank of Canada raised their price objective on PTC Therapeutics from $60.00 to $63.00 and gave the company an "outperform" rating in a report on Tuesday, February 18th. Bank of America raised PTC Therapeutics from an "underperform" rating to a "neutral" rating and upped their target price for the stock from $41.00 to $55.00 in a research note on Tuesday, March 11th. Finally, Citigroup lifted their price target 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $63.77.

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PTC Therapeutics Trading Down 6.8 %

Shares of PTCT traded down $3.16 during trading hours on Monday, reaching $43.57. 560,082 shares of the company's stock traded hands, compared to its average volume of 794,488. The firm's 50 day simple moving average is $51.28 and its 200-day simple moving average is $45.49. The stock has a market cap of $3.44 billion, a PE ratio of -7.34 and a beta of 0.58. PTC Therapeutics has a 12 month low of $24.00 and a 12 month high of $58.38.

Insiders Place Their Bets

In other news, CAO Christine Marie Utter sold 1,291 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total value of $58,533.94. Following the completion of the transaction, the chief accounting officer now owns 65,983 shares of the company's stock, valued at approximately $2,991,669.22. This represents a 1.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Scott Golden sold 810 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total value of $36,725.40. Following the sale, the executive vice president now owns 79,849 shares in the company, valued at $3,620,353.66. This represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,112 shares of company stock worth $1,799,047. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PTCT. Charles Schwab Investment Management Inc. increased its stake in shares of PTC Therapeutics by 7.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company's stock valued at $26,220,000 after purchasing an additional 47,902 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in PTC Therapeutics by 6.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,413 shares of the biopharmaceutical company's stock valued at $572,000 after buying an additional 884 shares in the last quarter. Edgestream Partners L.P. raised its stake in PTC Therapeutics by 37.6% during the third quarter. Edgestream Partners L.P. now owns 30,383 shares of the biopharmaceutical company's stock valued at $1,127,000 after buying an additional 8,303 shares during the last quarter. Parkman Healthcare Partners LLC bought a new stake in PTC Therapeutics in the third quarter worth $7,234,000. Finally, Point72 Asset Management L.P. grew its stake in shares of PTC Therapeutics by 945.6% in the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company's stock worth $21,364,000 after acquiring an additional 643,960 shares during the last quarter.

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.