PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $78.00

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

A number of other equities research analysts also recently issued reports on the stock. Cantor Fitzgerald lifted their price target on shares of PTC Therapeutics from $76.00 to $113.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Barclays boosted their target price on PTC Therapeutics from $45.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price target (up previously from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Bank of America raised shares of PTC Therapeutics from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $41.00 to $55.00 in a research note on Tuesday, March 11th. Finally, Scotiabank began coverage on shares of PTC Therapeutics in a research report on Friday, March 7th. They set a “sector perform” rating and a $55.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.00.

PTC Therapeutics Stock Up 3.3 %

Shares of PTCT opened at $54.50 on Friday. PTC Therapeutics has a 52-week low of $24.00 and a 52-week high of $55.65. The company has a 50-day simple moving average of $48.60 and a 200-day simple moving average of $43.63. The company has a market capitalization of $4.30 billion, a PE ratio of -9.18 and a beta of 0.66.

Insider Activity

In related news, EVP Lee Scott Golden sold 795 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $50.10, for a total value of $39,829.50. Following the sale, the executive vice president now directly owns 77,856 shares of the company’s stock, valued at approximately $3,900,585.60. This trade represents a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the vice president now directly owns 103,901 shares of the company’s stock, valued at $5,537,923.30. This trade represents a 13.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,391 shares of company stock valued at $1,902,927 over the last quarter. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D increased its stake in PTC Therapeutics by 7.0% during the third quarter. State of New Jersey Common Pension Fund D now owns 56,820 shares of the biopharmaceutical company’s stock worth $2,108,000 after acquiring an additional 3,727 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of PTC Therapeutics by 40.0% during the 3rd quarter. Los Angeles Capital Management LLC now owns 15,130 shares of the biopharmaceutical company’s stock worth $561,000 after purchasing an additional 4,325 shares during the period. KBC Group NV increased its position in PTC Therapeutics by 29.2% during the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 504 shares in the last quarter. Thrivent Financial for Lutherans purchased a new position in PTC Therapeutics in the third quarter valued at approximately $1,450,000. Finally, Quest Partners LLC lifted its position in PTC Therapeutics by 433.9% during the third quarter. Quest Partners LLC now owns 22,359 shares of the biopharmaceutical company’s stock valued at $830,000 after buying an additional 18,171 shares in 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.