JPMorgan Chase & Co. Lowers PTC Therapeutics (NASDAQ:PTCT) Price Target to $53.00

PTC Therapeutics (NASDAQ:PTCTFree Report) had its price target trimmed by JPMorgan Chase & Co. from $70.00 to $53.00 in a research report released on Monday, FlyOnTheWall reports.

Several other research analysts have also recently weighed in on the stock. Credit Suisse Group reissued a neutral rating and set a $50.00 price target on shares of PTC Therapeutics in a research report on Thursday, July 20th. Truist Financial reiterated a buy rating and issued a $65.00 target price on shares of PTC Therapeutics in a report on Wednesday, August 16th. Citigroup downgraded shares of PTC Therapeutics from a buy rating to a neutral rating and cut their price target for the stock from $55.00 to $28.00 in a report on Monday. Raymond James cut PTC Therapeutics from an outperform rating to an underperform rating in a report on Friday. Finally, assumed coverage on PTC Therapeutics in a research note on Thursday, August 17th. They set a hold rating for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, PTC Therapeutics presently has a consensus rating of Hold and a consensus price target of $41.00.

View Our Latest Stock Report on PTCT

PTC Therapeutics Price Performance

PTCT opened at $24.28 on Monday. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -2.88 and a beta of 0.37. The company’s 50 day simple moving average is $39.26 and its two-hundred day simple moving average is $44.80. PTC Therapeutics has a 1-year low of $23.83 and a 1-year high of $59.84.

PTC Therapeutics (NASDAQ:PTCTGet Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($2.66) EPS for the quarter, missing the consensus estimate of ($1.58) by ($1.08). The company had revenue of $213.80 million during the quarter, compared to analysts’ expectations of $206.99 million. The business’s revenue was up 29.2% on a year-over-year basis. During the same period in the previous year, the company posted ($2.13) earnings per share. On average, equities analysts anticipate that PTC Therapeutics will post -5.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other PTC Therapeutics news, Director Alethia Young sold 11,666 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $39.86, for a total value of $465,006.76. Following the sale, the director now directly owns 9,067 shares in the company, valued at $361,410.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.30% of the company’s stock.

Institutional Trading of PTC Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. boosted its holdings in shares of PTC Therapeutics by 36.8% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 1,000 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 269 shares in the last quarter. Headlands Technologies LLC purchased a new stake in PTC Therapeutics in the second quarter valued at $85,000. Lazard Asset Management LLC boosted its stake in PTC Therapeutics by 115.1% in the fourth quarter. Lazard Asset Management LLC now owns 2,478 shares of the biopharmaceutical company’s stock valued at $94,000 after acquiring an additional 1,326 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of PTC Therapeutics during the second quarter worth about $161,000. Finally, Tower Research Capital LLC TRC increased its position in shares of PTC Therapeutics by 92.2% during the first quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the biopharmaceutical company’s stock worth $190,000 after purchasing an additional 1,881 shares in the last quarter.

PTC Therapeutics Company Profile

(Get Free Report)

PTC Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines to patients with rare disorders. Its portfolio pipeline includes commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focuses on the development of treatments for multiple therapeutic areas, such as rare diseases.

See Also

Analyst Recommendations for PTC Therapeutics (NASDAQ:PTCT)

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