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

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its target price lowered by analysts at JPMorgan Chase & Co. from $75.00 to $67.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 51.48% from the company's current price.

Several other research analysts have also issued reports on PTCT. Morgan Stanley reaffirmed an "overweight" rating and set a $70.00 target price (up from $67.00) on shares of PTC Therapeutics in a research report on Friday, March 7th. Bank of America raised shares of PTC Therapeutics from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $41.00 to $55.00 in a research note on Tuesday, March 11th. Cantor Fitzgerald boosted their price objective on PTC Therapeutics from $76.00 to $113.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Citigroup upgraded PTC Therapeutics from a "sell" rating to a "neutral" rating and decreased their target price for the company from $50.00 to $40.00 in a research report on Wednesday. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $65.00 price objective on shares of PTC Therapeutics in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $61.92.

PTC Therapeutics Trading Up 4.0 %

Shares of NASDAQ:PTCT traded up $1.72 during mid-day trading on Wednesday, reaching $44.23. The stock had a trading volume of 1,538,280 shares, compared to its average volume of 851,219. The business's 50 day moving average price is $48.86 and its 200 day moving average price is $46.99. PTC Therapeutics has a 1 year low of $28.72 and a 1 year high of $58.38. The company has a market cap of $3.50 billion, a P/E ratio of -7.45 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported $10.04 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $9.19. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. During the same period in the prior year, the company posted ($1.20) EPS. The company's quarterly revenue was down 9.6% compared to the same quarter last year. Analysts predict that PTC Therapeutics will post -4.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Christine Marie Utter sold 879 shares of the business'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 transaction of $44,037.90. Following the transaction, the chief accounting officer now directly owns 63,442 shares of the company's stock, valued at approximately $3,178,444.20. The trade was a 1.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mark Elliott Boulding sold 15,521 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $53.30, for a total value of $827,269.30. Following the completion of the sale, the vice president now directly owns 103,901 shares of the company's stock, valued at approximately $5,537,923.30. The trade was a 13.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,305 shares of company stock worth $1,682,755 over the last quarter. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vontobel Holding Ltd. acquired a new position in PTC Therapeutics in the fourth quarter worth about $521,000. Raymond James Financial Inc. acquired a new position in shares of PTC Therapeutics during the 4th quarter worth about $2,200,000. Natixis Advisors LLC bought a new stake in PTC Therapeutics in the fourth quarter valued at approximately $544,000. Proficio Capital Partners LLC acquired a new stake in PTC Therapeutics during the 4th quarter worth $758,000. Finally, American Century Companies Inc. lifted its holdings in shares of PTC Therapeutics by 66.8% during the 4th quarter. American Century Companies Inc. now owns 60,150 shares of the biopharmaceutical company's stock valued at $2,715,000 after purchasing an additional 24,090 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.