JPMorgan Chase & Co. Trims Stock Position in PTC Therapeutics, Inc. (NASDAQ:PTCT)

JPMorgan Chase & Co. trimmed its holdings in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) by 17.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 562,781 shares of the biopharmaceutical company’s stock after selling 118,152 shares during the period. JPMorgan Chase & Co.’s holdings in PTC Therapeutics were worth $20,879,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its position in 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 worth $26,220,000 after buying an additional 47,902 shares in the last quarter. Two Sigma Advisers LP boosted its stake in shares of PTC Therapeutics by 10.3% during the third quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock valued at $15,947,000 after acquiring an additional 40,300 shares during the last quarter. Intech Investment Management LLC purchased a new stake in PTC Therapeutics during the 3rd quarter worth about $698,000. Bank of New York Mellon Corp raised its stake in PTC Therapeutics by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock valued at $8,533,000 after purchasing an additional 40,840 shares during the last quarter. Finally, Quest Partners LLC lifted its holdings in PTC Therapeutics by 433.9% in the 3rd quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock valued at $830,000 after purchasing an additional 18,171 shares in the last quarter.

Insiders Place Their Bets

In other news, Director Jerome B. Zeldis sold 24,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $51.50, for a total value of $1,236,000.00. Following the completion of the transaction, the director now directly owns 14,500 shares in the company, valued at approximately $746,750. This represents a 62.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark Elliott Boulding sold 85,600 shares of PTC Therapeutics stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $52.26, for a total transaction of $4,473,456.00. Following the sale, the vice president now directly owns 92,389 shares in the company, valued at $4,828,249.14. This trade represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,229 shares of company stock worth $10,625,615 over the last ninety days. 5.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PTCT has been the subject of a number of recent research reports. Barclays lifted their price target on shares of PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Citigroup lifted their target price on shares of PTC Therapeutics from $26.00 to $32.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Royal Bank of Canada raised PTC Therapeutics from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $39.00 to $63.00 in a research note on Tuesday, December 3rd. UBS Group lifted their price objective on PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley upgraded PTC Therapeutics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $67.00 in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, PTC Therapeutics has a consensus rating of “Hold” and a consensus price target of $54.08.

PTC Therapeutics Stock Performance

PTCT opened at $45.04 on Thursday. PTC Therapeutics, Inc. has a 1 year low of $23.58 and a 1 year high of $54.16. The firm has a 50 day moving average price of $44.93 and a 200 day moving average price of $38.29. The company has a market cap of $3.47 billion, a PE ratio of -7.58 and a beta of 0.62.

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.