JPMorgan Chase & Co. Forecasts Strong Price Appreciation for PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics (NASDAQ:PTCT) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $51.00 to $62.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 47.76% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Barclays raised their price target on shares of PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Raymond James began coverage on shares of PTC Therapeutics in a research note on Thursday, October 10th. They issued a “market perform” rating for the company. Robert W. Baird lifted their price objective on shares of PTC Therapeutics from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Royal Bank of Canada lifted their target price on shares of PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a report on Friday, October 4th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $42.00.

PTC Therapeutics Stock Up 6.6 %

PTCT stock opened at $41.96 on Tuesday. The company has a fifty day simple moving average of $38.72 and a two-hundred day simple moving average of $35.65. The firm has a market capitalization of $3.24 billion, a P/E ratio of -7.10 and a beta of 0.63. PTC Therapeutics has a 52 week low of $20.75 and a 52 week high of $46.98.

Institutional Trading of PTC Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTCT. Janus Henderson Group PLC increased its holdings in PTC Therapeutics by 40.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,669,816 shares of the biopharmaceutical company’s stock worth $106,744,000 after purchasing an additional 1,057,223 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of PTC Therapeutics by 945.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after purchasing an additional 643,960 shares during the period. Vanguard Group Inc. lifted its stake in PTC Therapeutics by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after acquiring an additional 568,171 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in PTC Therapeutics by 21.3% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,605,841 shares of the biopharmaceutical company’s stock worth $46,714,000 after acquiring an additional 282,422 shares in the last quarter. Finally, Armistice Capital LLC raised its stake in shares of PTC Therapeutics by 2.9% during the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after purchasing an additional 198,227 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.