PTC Therapeutics (NASDAQ:PTCT) PT Raised to $53.00

PTC Therapeutics (NASDAQ:PTCT) had its target price boosted by JPMorgan Chase & Co. from $43.00 to $53.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 37.16% from the stock’s current price.

Several other research firms have also commented on PTCT. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price objective on shares of PTC Therapeutics in a research note on Friday, April 12th. Royal Bank of Canada boosted their price target on PTC Therapeutics from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research report on Friday, March 1st. Morgan Stanley raised PTC Therapeutics from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $28.00 to $30.00 in a research report on Monday, April 29th. Raymond James raised PTC Therapeutics from an “underperform” rating to a “market perform” rating in a research note on Monday. Finally, The Goldman Sachs Group boosted their price objective on shares of PTC Therapeutics from $18.00 to $32.00 and gave the stock a “sell” rating in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $35.67.

PTC Therapeutics Trading Down 0.5 %

Shares of NASDAQ PTCT opened at $38.64 on Tuesday. PTC Therapeutics has a 12 month low of $17.53 and a 12 month high of $59.75. The firm has a market capitalization of $2.96 billion, a PE ratio of -5.03 and a beta of 0.63. The firm has a fifty day simple moving average of $29.63 and a two-hundred day simple moving average of $27.33.

PTC Therapeutics (NASDAQ:PTCT) last issued its quarterly earnings results on Thursday, April 25th. The biopharmaceutical company reported ($1.20) earnings per share for the quarter, topping the consensus estimate of ($1.21) by $0.01. The firm had revenue of $210.12 million during the quarter, compared to analysts’ expectations of $160.27 million. On average, sell-side analysts predict that PTC Therapeutics will post -5.36 earnings per share for the current year.

Insider Transactions at PTC Therapeutics

In related news, CEO Matthew B. Klein sold 3,361 shares of the company’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $24.89, for a total value of $83,655.29. Following the completion of the transaction, the chief executive officer now owns 225,807 shares of the company’s stock, valued at approximately $5,620,336.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 4,849 shares of company stock valued at $124,107 over the last three months. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vise Technologies Inc. increased its holdings in shares of PTC Therapeutics by 20.1% in the fourth quarter. Vise Technologies Inc. now owns 12,808 shares of the biopharmaceutical company’s stock worth $353,000 after purchasing an additional 2,140 shares during the last quarter. Rathbones Group PLC bought a new position in shares of PTC Therapeutics during the 3rd quarter valued at approximately $532,000. Charles Schwab Investment Management Inc. grew its holdings in shares of PTC Therapeutics by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 596,763 shares of the biopharmaceutical company’s stock valued at $13,373,000 after purchasing an additional 23,288 shares in the last quarter. Walleye Capital LLC increased its position in PTC Therapeutics by 958.6% in the third quarter. Walleye Capital LLC now owns 72,030 shares of the biopharmaceutical company’s stock worth $1,614,000 after purchasing an additional 65,226 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its stake in PTC Therapeutics by 10.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,122,698 shares of the biopharmaceutical company’s stock valued at $25,160,000 after purchasing an additional 104,024 shares in the last quarter.

About PTC Therapeutics

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.