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

PTC Therapeutics (NASDAQ:PTCT) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $72.00 to $78.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 41.55% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. Scotiabank started coverage on shares of PTC Therapeutics in a report on Friday, March 7th. They set a “sector perform” rating and a $55.00 target price for the company. Citigroup boosted their target price on shares of PTC Therapeutics from $32.00 to $45.00 and gave the company a “sell” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group raised their price target on shares of PTC Therapeutics from $32.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, December 4th. Finally, Bank of America upgraded shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $41.00 to $55.00 in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $64.00.

PTC Therapeutics Trading Up 4.4 %

Shares of PTCT stock traded up $2.34 during mid-day trading on Friday, reaching $55.10. The stock had a trading volume of 174,611 shares, compared to its average volume of 738,534. The business’s fifty day moving average is $48.44 and its 200-day moving average is $43.37. PTC Therapeutics has a 1-year low of $24.00 and a 1-year high of $57.04. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of -9.28 and a beta of 0.66.

Insiders Place Their Bets

In other PTC Therapeutics news, Director Allan Steven Jacobson sold 1,230 shares of PTC Therapeutics stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $51.52, for a total transaction of $63,369.60. Following the transaction, the director now directly owns 19,118 shares of the company’s stock, valued at $984,959.36. The trade was a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mark Elliott Boulding sold 1,543 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $45.34, for a total transaction of $69,959.62. Following the sale, the vice president now directly owns 108,846 shares in the company, valued at approximately $4,935,077.64. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,870 shares of company stock valued at $1,075,657 in the last ninety days. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PTCT. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of PTC Therapeutics during the fourth quarter valued at about $4,891,000. Mackenzie Financial Corp lifted its stake in PTC Therapeutics by 132.2% during the fourth quarter. Mackenzie Financial Corp now owns 22,776 shares of the biopharmaceutical company’s stock worth $1,028,000 after purchasing an additional 12,967 shares in the last quarter. Toronto Dominion Bank acquired a new stake in shares of PTC Therapeutics in the fourth quarter valued at $148,363,000. GF Fund Management CO. LTD. purchased a new stake in shares of PTC Therapeutics in the 4th quarter valued at $73,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in PTC Therapeutics by 19.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,251 shares of the biopharmaceutical company’s stock worth $7,234,000 after acquiring an additional 26,274 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.