PTC Therapeutics (NASDAQ:PTCT) Given New $62.00 Price Target at JPMorgan Chase & Co.

PTC Therapeutics (NASDAQ:PTCT) had its price objective lifted by JPMorgan Chase & Co. from $51.00 to $62.00 in a research report report published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other research firms have also weighed in on PTCT. 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 report on Friday, November 8th. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a report on Tuesday, September 17th. StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Royal Bank of Canada raised their target price on 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 assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $42.00.

PTC Therapeutics Price Performance

NASDAQ:PTCT opened at $43.23 on Tuesday. The firm’s fifty day moving average price is $39.11 and its 200 day moving average price is $35.74. PTC Therapeutics has a 1-year low of $20.75 and a 1-year high of $46.98. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of -7.28 and a beta of 0.63.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in PTC Therapeutics by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,798,666 shares of the biopharmaceutical company’s stock valued at $66,743,000 after purchasing an additional 10,886 shares during the last quarter. Two Sigma Advisers LP raised its stake in PTC Therapeutics by 10.3% in the 3rd quarter. Two Sigma Advisers LP now owns 429,842 shares of the biopharmaceutical company’s stock valued at $15,947,000 after purchasing an additional 40,300 shares during the last quarter. Sphera Funds Management LTD. raised its stake in PTC Therapeutics by 25.5% in the 3rd quarter. Sphera Funds Management LTD. now owns 118,345 shares of the biopharmaceutical company’s stock valued at $4,391,000 after purchasing an additional 24,027 shares during the last quarter. State Street Corp raised its stake in PTC Therapeutics by 5.4% in the 3rd quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock valued at $107,554,000 after purchasing an additional 149,700 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in 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 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.