PTC Therapeutics (NASDAQ:PTCT) Price Target Lowered to $72.00 at JPMorgan Chase & Co.

PTC Therapeutics (NASDAQ:PTCT) had its price objective lowered by JPMorgan Chase & Co. from $74.00 to $72.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

PTCT has been the topic of several other reports. Barclays increased their price objective on shares of PTC Therapeutics from $45.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Cantor Fitzgerald increased their price objective on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Wells Fargo & Company increased their price objective on shares of PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird increased their price objective on shares of PTC Therapeutics from $52.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Royal Bank of Canada increased their price objective on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.62.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $55.26 on Friday. The company’s 50 day simple moving average is $46.98 and its 200 day simple moving average is $42.01. PTC Therapeutics has a fifty-two week low of $24.00 and a fifty-two week high of $55.41. The firm has a market capitalization of $4.26 billion, a P/E ratio of -9.30 and a beta of 0.62.

Insider Transactions at PTC Therapeutics

In other news, EVP Lee Scott Golden sold 795 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total transaction of $39,829.50. Following the completion of the sale, the executive vice president now owns 77,856 shares of the company’s stock, valued at $3,900,585.60. This represents a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Christine Marie Utter sold 17,800 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $51.77, for a total transaction of $921,506.00. Following the sale, the chief accounting officer now directly owns 52,428 shares of the company’s stock, valued at $2,714,197.56. This represents a 25.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 218,590 shares of company stock valued at $11,264,023 over the last quarter. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in PTC Therapeutics by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after purchasing an additional 53,688 shares in the last quarter. Toronto Dominion Bank bought a new position in PTC Therapeutics in the fourth quarter valued at $148,363,000. State Street Corp grew its position in PTC Therapeutics by 5.4% in the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after purchasing an additional 149,700 shares in the last quarter. Janus Henderson Group PLC grew its position in PTC Therapeutics by 24.4% in the fourth 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, Geode Capital Management LLC grew its position in PTC Therapeutics by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after purchasing an additional 10,886 shares in the last quarter.

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.