JPMorgan Chase & Co. Raises PTC Therapeutics (NASDAQ:PTCT) Price Target to $62.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $51.00 to $62.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 56.80% from the stock’s previous close.

A number of other research analysts have also issued reports on the stock. Barclays upped their target price on shares of PTC Therapeutics from $31.00 to $43.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada raised their price target 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. Robert W. Baird upped their price target on shares of PTC Therapeutics from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 target price on shares of PTC Therapeutics in a report on Tuesday, September 17th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $42.00.

PTC Therapeutics Stock Performance

PTCT stock traded up $0.31 on Tuesday, reaching $39.54. The company had a trading volume of 82,274 shares, compared to its average volume of 841,866. PTC Therapeutics has a 1 year low of $20.50 and a 1 year high of $46.98. The company’s fifty day moving average is $38.40 and its 200 day moving average is $35.56. The company has a market cap of $3.05 billion, a P/E ratio of -6.66 and a beta of 0.63.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Burney Co. acquired a new position in shares of PTC Therapeutics in the first quarter worth about $1,223,000. Assenagon Asset Management S.A. lifted its position in shares of PTC Therapeutics by 21.7% in the second quarter. Assenagon Asset Management S.A. now owns 372,827 shares of the biopharmaceutical company’s stock worth $11,401,000 after purchasing an additional 66,596 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of PTC Therapeutics by 17.1% during the second quarter. Bank of New York Mellon Corp now owns 279,049 shares of the biopharmaceutical company’s stock worth $8,533,000 after purchasing an additional 40,840 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in PTC Therapeutics during the first quarter valued at approximately $3,302,000. Finally, Renaissance Technologies LLC increased its stake in PTC Therapeutics by 7.4% in the 2nd quarter. Renaissance Technologies LLC now owns 818,100 shares of the biopharmaceutical company’s stock valued at $25,017,000 after buying an additional 56,700 shares during the period.

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.