JPMorgan Chase & Co. Lowers Target Price for PTC Therapeutics Stock

On Monday, JPMorgan Chase & Co. lowered its target price for shares of PTC Therapeutics (NASDAQ:PTCT) from $78.00 to $75.00, according to a recent research report. Despite the reduction in target price, the brokerage maintains an "overweight" rating on the biopharmaceutical company's stock. This target price indicates a potential upside of approximately 55.36% compared to the stock's previous closing price.

Several other equity research analysts have also recently shared their views on PTC Therapeutics. StockNews.com downgraded the company from a "buy" rating to a "hold" rating in a report released on February 17th. Meanwhile, Cantor Fitzgerald raised their target price for PTC Therapeutics from $76.00 to $113.00, affirming an "overweight" rating in their report on February 3rd. Additionally, Scotiabank initiated coverage of PTC Therapeutics on March 7th, giving a "sector perform" rating with a price target of $55.00. On February 18th, Royal Bank of Canada increased their price target for PTC Therapeutics from $60.00 to $63.00, also placing an "outperform" rating on the stock. Moreover, on March 11th, Bank of America upgraded shares of PTC Therapeutics from an "underperform" rating to a "neutral" rating and raised their target price from $41.00 to $55.00.

In terms of ratings, two investment analysts currently rate the stock as a sell, five analysts have given it a hold rating, eight analysts have issued buy ratings, and one analyst has assigned a strong buy rating. As per MarketBeat.com, the stock has an average rating of "Moderate Buy" with a consensus price target of $63.77.

PTC Therapeutics Stock Performance

In midday trading on Monday, shares of PTC Therapeutics (NASDAQ:PTCT) were down by $5.97, reaching a price of $48.27. The trading volume for the day reached 397,023 shares, lower than the average volume of 748,361 shares. Over the past 12 months, the stock has seen a low of $24.00 and a high of $58.38. The 50-day moving average for the stock currently stands at $51.04, while the 200-day moving average is at $45.24. PTC Therapeutics has a market capitalization of approximately $3.81 billion, a price-to-earnings ratio of -8.07, and a beta of 0.66.

Insider Activity

In related news, CEO Matthew B. Klein sold 8,279 shares of PTC Therapeutics stock on December 31st for an average price of $45.16, for a total transaction value of $373,879.64. After this sale, the CEO holds 217,528 shares valued at roughly $9,823,564.48, representing a 3.67% reduction in ownership. The details of this transaction were disclosed in a filing with the Securities and Exchange Commission. Additionally, on March 13th, Director Stephanie Okey sold 5,000 shares at an average price of $54.00, totaling $270,000. Following this transaction, Okey now owns 8,867 shares worth approximately $478,818, marking a 36.06% decrease in their holding. In the last quarter, insiders sold 43,391 shares of the company, worth a total of $2,172,927, and corporate insiders currently own 5.50% of PTC Therapeutics stock.

Hedge Fund Activity

Recently, several large investors have engaged in transactions involving PTC Therapeutics shares. Charles Schwab Investment Management Inc. increased its holdings in the company by 7.3% during the third quarter, now owning 706,730 shares valued at $26,220,000 after buying an additional 47,902 shares. Zurcher Kantonalbank improved its stake in the company by 6.1% during the same period, holding 15,413 shares now valued at $572,000. Edgestream Partners L.P. boosted its position by 37.6%, owning 30,383 shares worth $1,127,000 after acquiring 8,303 shares. Parkman Healthcare Partners LLC made a new investment in PTC Therapeutics worth about $7,234,000 in the third quarter. Finally, Point72 Asset Management L.P. significantly increased its share ownership by 945.6%, holding 575,860 shares valued at $21,364,000 after acquiring an additional 643,960 shares.

About PTC Therapeutics

PTC Therapeutics, Inc. is a biopharmaceutical company dedicated to the discovery, development, and commercialization of treatments for patients with rare disorders, both in the United States and internationally. The company's product offerings include Translarna and Emflaza for treating Duchenne muscular dystrophy; Upstaza for aromatic l-amino acid decarboxylase (AADC) deficiency, a central nervous system disorder; Tegsedi and Waylivra for rare diseases; and Evrysdi for spinal muscular atrophy (SMA) in children and adults.

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