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

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

PTCT has been the subject of a number of other research reports. Cantor Fitzgerald lifted their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Robert W. Baird boosted their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on shares of PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Barclays boosted their price target on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price objective (up previously from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.77.

PTC Therapeutics Stock Performance

Shares of NASDAQ PTCT opened at $50.96 on Monday. PTC Therapeutics has a fifty-two week low of $24.00 and a fifty-two week high of $58.38. The stock has a market cap of $4.02 billion, a PE ratio of -8.58 and a beta of 0.66. The stock has a fifty day moving average of $51.18 and a 200-day moving average of $45.37.

Insider Activity

In other PTC Therapeutics news, CEO Eric Pauwels sold 1,599 shares of the business’s 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 $72,498.66. Following the completion of the sale, the chief executive officer now owns 88,941 shares in the company, valued at approximately $4,032,584.94. The trade was a 1.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Christine Marie Utter sold 1,291 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $45.34, for a total transaction of $58,533.94. Following the completion of the transaction, the chief accounting officer now owns 65,983 shares in the company, valued at $2,991,669.22. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,112 shares of company stock worth $1,799,047. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. purchased a new position in shares of PTC Therapeutics in the fourth quarter valued at about $521,000. Charles Schwab Investment Management Inc. grew its stake in shares of PTC Therapeutics by 7.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock worth $26,220,000 after purchasing an additional 47,902 shares during the last quarter. Two Sigma Advisers LP increased its holdings in PTC Therapeutics by 10.3% during the 3rd quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock valued at $15,947,000 after purchasing an additional 40,300 shares during the period. Raymond James Financial Inc. bought a new position in PTC Therapeutics during the 4th quarter valued at approximately $2,200,000. Finally, Proficio Capital Partners LLC purchased a new stake in PTC Therapeutics in the 4th quarter worth approximately $758,000.

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.