JPMorgan Chase & Co. Boosts PTC Therapeutics (NASDAQ:PTCT) Price Target to $78.00

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its target price upped by JPMorgan Chase & Co. from $72.00 to $78.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 40.62% from the stock's previous close.

Several other research analysts also recently weighed in on the company. Barclays upped their target price 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. Royal Bank of Canada upped their target price on PTC Therapeutics from $60.00 to $63.00 and gave the stock an "outperform" rating in a research note 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. Morgan Stanley reissued an "overweight" rating and issued a $70.00 price objective (up from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Finally, Scotiabank initiated coverage on PTC Therapeutics in a research note on Friday, March 7th. They issued a "sector perform" rating and a $55.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $64.00.

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PTC Therapeutics Trading Down 3.0 %

PTC Therapeutics stock traded down $1.70 during mid-day trading on Friday, hitting $55.47. The company had a trading volume of 606,474 shares, compared to its average volume of 734,246. PTC Therapeutics has a 12-month low of $24.00 and a 12-month high of $58.66. The company's fifty day moving average is $48.83 and its 200-day moving average is $43.78. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of -9.34 and a beta of 0.66.

Insider Buying and Selling at PTC Therapeutics

In other news, CEO Matthew B. Klein sold 8,279 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction 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. This represents a 3.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric Pauwels sold 1,599 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total value of $72,498.66. Following the transaction, the chief executive officer now owns 88,941 shares of the company's stock, valued at approximately $4,032,584.94. This represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,391 shares of company stock worth $2,172,927 in the last three months. 5.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PTC Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of PTCT. Toronto Dominion Bank purchased a new position in PTC Therapeutics during the 4th quarter valued at about $148,363,000. Driehaus Capital Management LLC acquired a new stake in PTC Therapeutics in the 4th quarter valued at about $46,993,000. Point72 Asset Management L.P. raised its position in PTC Therapeutics by 150.6% in the 4th 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 raised its position in PTC Therapeutics by 24.4% in the 4th 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 in the last quarter. Finally, Pictet Asset Management Holding SA raised its position in PTC Therapeutics by 107.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company's stock valued at $33,241,000 after purchasing an additional 381,319 shares in 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.