PTC Therapeutics (NASDAQ:PTCT) Given New $62.00 Price Target at JPMorgan Chase & Co.

PTC Therapeutics (NASDAQ:PTCT) had its price target hoisted by JPMorgan Chase & Co. from $51.00 to $62.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

A number of other analysts also recently issued reports on the stock. StockNews.com downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday. Baird R W raised shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $64.00 target price on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Royal Bank of Canada increased their target price on shares of PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Friday, October 4th. Finally, Robert W. Baird increased their target price on shares of PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $42.00.

PTC Therapeutics Price Performance

PTCT opened at $43.23 on Tuesday. PTC Therapeutics has a 12 month low of $20.75 and a 12 month high of $46.98. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of -7.28 and a beta of 0.63. The business has a 50-day moving average of $39.11 and a two-hundred day moving average of $35.74.

Institutional Investors Weigh In On PTC Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new stake in PTC Therapeutics in the first quarter valued at about $46,000. KBC Group NV increased its holdings in PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after buying an additional 504 shares during the last quarter. CWM LLC increased its holdings in PTC Therapeutics by 354.7% in the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 2,096 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in PTC Therapeutics by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock valued at $104,000 after buying an additional 492 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in PTC Therapeutics in the second quarter valued at about $128,000.

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.