PTC Therapeutics (NASDAQ:PTCT) Price Target Cut to $67.00 by Analysts at JPMorgan Chase & Co.

PTC Therapeutics (NASDAQ:PTCT) had its price target cut by JPMorgan Chase & Co. from $75.00 to $67.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently weighed in on PTCT. Citigroup raised PTC Therapeutics from a “sell” rating to a “neutral” rating and cut their price target for the company from $50.00 to $40.00 in a research note on Wednesday. Cantor Fitzgerald raised their target price on PTC Therapeutics from $76.00 to $113.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Morgan Stanley reaffirmed an “overweight” rating and issued a $70.00 price target (up from $67.00) on shares of PTC Therapeutics in a research note on Friday, March 7th. Scotiabank initiated coverage on shares of PTC Therapeutics in a research note on Friday, March 7th. They set a “sector perform” rating and a $55.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $65.00 target price on shares of PTC Therapeutics in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.92.

PTC Therapeutics Stock Up 4.0 %

PTC Therapeutics stock opened at $44.23 on Wednesday. The business’s 50-day simple moving average is $48.86 and its 200 day simple moving average is $46.99. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -7.45 and a beta of 0.52. PTC Therapeutics has a 12-month low of $28.72 and a 12-month high of $58.38.

PTC Therapeutics (NASDAQ:PTCT) last issued its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $9.19. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $437.16 million. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period last year, the business posted ($1.20) EPS. As a group, sell-side analysts expect that PTC Therapeutics will post -4.52 EPS for the current year.

Insiders Place Their Bets

In related news, Director Stephanie Okey sold 5,000 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $54.00, for a total transaction of $270,000.00. Following the completion of the transaction, the director now directly owns 8,867 shares in the company, valued at approximately $478,818. This trade represents a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew B. Klein sold 2,804 shares of PTC Therapeutics stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $48.74, for a total value of $136,666.96. Following the completion of the sale, the chief executive officer now directly owns 273,234 shares in the company, valued at approximately $13,317,425.16. This represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,305 shares of company stock worth $1,682,755. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On PTC Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of PTC Therapeutics by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 9,178,822 shares of the biopharmaceutical company’s stock valued at $414,332,000 after acquiring an additional 53,688 shares in the last quarter. Toronto Dominion Bank acquired a new position in PTC Therapeutics during the fourth quarter valued at approximately $148,363,000. Janus Henderson Group PLC grew its stake 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. Point72 Asset Management L.P. increased its position in shares of PTC Therapeutics by 150.6% during the 4th quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company’s stock worth $65,153,000 after purchasing an additional 867,502 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in shares of PTC Therapeutics by 34.0% in the 4th quarter. Nuveen Asset Management LLC now owns 1,077,794 shares of the biopharmaceutical company’s stock valued at $48,652,000 after buying an additional 273,638 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.