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

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) had its target price reduced by analysts at JPMorgan Chase & Co. from $75.00 to $67.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 45.26% from the company's previous close.

PTCT has been the topic of a number of other reports. Scotiabank initiated coverage on PTC Therapeutics in a research report on Friday, March 7th. They set a "sector perform" rating and a $55.00 price target on the stock. Bank of America upgraded PTC Therapeutics from an "underperform" rating to a "neutral" rating and raised their target price for the company from $41.00 to $55.00 in a research note on Tuesday, March 11th. Royal Bank of Canada reiterated an "outperform" rating and set a $65.00 price target on shares of PTC Therapeutics in a research report on Tuesday, April 22nd. StockNews.com cut shares of PTC Therapeutics from a "buy" rating to a "hold" rating in a research report on Monday, February 17th. Finally, Citigroup upgraded shares of PTC Therapeutics from a "sell" rating to a "neutral" rating and reduced their target price for the stock from $50.00 to $40.00 in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $61.92.

PTC Therapeutics Stock Performance

Shares of NASDAQ PTCT traded up $1.89 during midday trading on Wednesday, reaching $46.12. 641,668 shares of the company traded hands, compared to its average volume of 851,522. PTC Therapeutics has a 12 month low of $28.72 and a 12 month high of $58.38. The stock's 50-day simple moving average is $48.86 and its 200-day simple moving average is $47.06. The firm has a market cap of $3.65 billion, a PE ratio of -7.77 and a beta of 0.52.

PTC Therapeutics (NASDAQ:PTCT - Get Free Report) last announced its quarterly 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 firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $437.16 million. The company's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the prior year, the business earned ($1.20) earnings per share. On average, equities research analysts expect that PTC Therapeutics will post -4.52 EPS for the current year.

Insider Activity

In other news, CEO Matthew B. Klein sold 2,804 shares of PTC Therapeutics stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $48.74, for a total transaction of $136,666.96. Following the transaction, the chief executive officer now owns 273,234 shares in the company, valued at $13,317,425.16. The trade was a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Allan Steven Jacobson sold 1,230 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $51.52, for a total value of $63,369.60. Following the sale, the director now directly owns 19,118 shares of the company's stock, valued at approximately $984,959.36. The trade was a 6.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,305 shares of company stock valued at $1,682,755 in the last ninety days. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Toronto Dominion Bank acquired a new stake in shares of PTC Therapeutics during the fourth quarter worth $148,363,000. Driehaus Capital Management LLC acquired a new stake in shares of PTC Therapeutics in the 4th quarter valued at about $46,993,000. Point72 Asset Management L.P. lifted its holdings in shares of PTC Therapeutics by 150.6% in the fourth quarter. Point72 Asset Management L.P. now owns 1,443,362 shares of the biopharmaceutical company's stock valued at $65,153,000 after purchasing an additional 867,502 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of PTC Therapeutics by 24.4% during the fourth quarter. Janus Henderson Group PLC now owns 2,325,915 shares of the biopharmaceutical company's stock worth $105,015,000 after buying an additional 455,698 shares during the period. Finally, Pictet Asset Management Holding SA grew its holdings in shares of PTC Therapeutics by 107.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 736,388 shares of the biopharmaceutical company's stock worth $33,241,000 after buying an additional 381,319 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.