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

PTC Therapeutics (NASDAQ:PTCT) had its target price cut by JPMorgan Chase & Co. from $78.00 to $75.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 55.36% from the stock’s previous close.

A number of other equities research analysts have also recently commented on PTCT. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Cantor Fitzgerald lifted their target price on PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Scotiabank began coverage on PTC Therapeutics in a research note on Friday, March 7th. They issued a “sector perform” rating and a $55.00 price target for the company. Royal Bank of Canada lifted their price objective on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. Finally, Bank of America upgraded shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $41.00 to $55.00 in a research report on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.77.

PTC Therapeutics Stock Performance

Shares of NASDAQ PTCT traded down $5.97 during midday trading on Monday, reaching $48.27. The stock had a trading volume of 397,023 shares, compared to its average volume of 748,361. PTC Therapeutics has a 12-month low of $24.00 and a 12-month high of $58.38. The stock has a 50-day moving average of $51.04 and a 200-day moving average of $45.24. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of -8.07 and a beta of 0.66.

Insider Buying and Selling

In other PTC Therapeutics news, CEO Matthew B. Klein sold 8,279 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total transaction of $373,879.64. Following the completion of the transaction, the chief executive officer now owns 217,528 shares in the company, valued at $9,823,564.48. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephanie Okey sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $54.00, for a total value of $270,000.00. Following the transaction, the director now directly owns 8,867 shares in the company, valued at approximately $478,818. This represents a 36.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,391 shares of company stock worth $2,172,927. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On PTC Therapeutics

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its position in shares of 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 purchasing an additional 47,902 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in PTC Therapeutics by 6.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,413 shares of the biopharmaceutical company’s stock valued at $572,000 after buying an additional 884 shares in the last quarter. Edgestream Partners L.P. grew its stake in PTC Therapeutics by 37.6% in the 3rd quarter. Edgestream Partners L.P. now owns 30,383 shares of the biopharmaceutical company’s stock worth $1,127,000 after acquiring an additional 8,303 shares in the last quarter. Parkman Healthcare Partners LLC purchased a new position in shares of PTC Therapeutics during the third quarter worth approximately $7,234,000. Finally, Point72 Asset Management L.P. raised its stake in shares of PTC Therapeutics by 945.6% during the third quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after acquiring an additional 643,960 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.