PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $78.00 at JPMorgan Chase & Co.

PTC Therapeutics (NASDAQ:PTCT) had its price objective upped by JPMorgan Chase & Co. from $72.00 to $78.00 in a research note issued to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biopharmaceutical company’s stock.

Several other research analysts also recently weighed in on PTCT. Royal Bank of Canada upped their target price on shares of PTC Therapeutics from $60.00 to $63.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. Bank of America raised shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $41.00 to $55.00 in a research report on Tuesday, March 11th. Wells Fargo & Company raised their target price on PTC Therapeutics from $56.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group boosted their price target on PTC Therapeutics from $32.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Finally, UBS Group raised their price objective on PTC Therapeutics from $47.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $64.00.

PTC Therapeutics Stock Performance

PTC Therapeutics stock opened at $54.50 on Friday. The firm has a market capitalization of $4.30 billion, a PE ratio of -9.18 and a beta of 0.66. PTC Therapeutics has a one year low of $24.00 and a one year high of $55.65. The stock’s 50 day moving average price is $48.60 and its 200 day moving average price is $43.63.

Insiders Place Their Bets

In other news, VP Mark Elliott Boulding sold 15,521 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $53.30, for a total transaction of $827,269.30. Following the completion of the transaction, the vice president now directly owns 103,901 shares of the company’s stock, valued at approximately $5,537,923.30. This represents a 13.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Klein sold 8,279 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $45.16, for a total value of $373,879.64. Following the sale, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 38,391 shares of company stock valued at $1,902,927. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. bought a new stake in PTC Therapeutics in the fourth quarter valued at $521,000. Charles Schwab Investment Management Inc. increased its holdings in shares of PTC Therapeutics by 7.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 706,730 shares of the biopharmaceutical company’s stock worth $26,220,000 after acquiring an additional 47,902 shares during the period. Two Sigma Advisers LP lifted its position in PTC Therapeutics by 10.3% in 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 last quarter. Intech Investment Management LLC acquired a new position in PTC Therapeutics during the 3rd quarter valued at about $698,000. Finally, Quest Partners LLC grew its position in PTC Therapeutics by 433.9% in the 3rd quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock worth $830,000 after purchasing an additional 18,171 shares during the last quarter.

PTC Therapeutics Company Profile

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.