PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $62.00

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

A number of other analysts have also issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Raymond James initiated coverage on shares of PTC Therapeutics in a research report on Thursday, October 10th. They issued a “market perform” rating on the stock. Robert W. Baird boosted their price target 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. Royal Bank of Canada raised their price target on PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Friday, October 4th. Finally, UBS Group initiated coverage on shares of PTC Therapeutics in a report on Monday, August 26th. They issued a “buy” rating and a $47.00 target price on the stock. 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 given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $42.00.

PTC Therapeutics Stock Performance

Shares of NASDAQ:PTCT traded up $0.31 during trading on Tuesday, reaching $39.54. The stock had a trading volume of 82,274 shares, compared to its average volume of 841,866. The stock has a market cap of $3.05 billion, a PE ratio of -6.66 and a beta of 0.63. PTC Therapeutics has a 1-year low of $20.50 and a 1-year high of $46.98. The business has a fifty day moving average price of $38.40 and a 200-day moving average price of $35.56.

Hedge Funds Weigh In On PTC Therapeutics

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in PTC Therapeutics by 6.5% during the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after buying an additional 568,171 shares during the period. Armistice Capital LLC grew its holdings in shares of PTC Therapeutics by 2.9% in the 2nd quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock worth $212,905,000 after acquiring an additional 198,227 shares during the period. Cowen AND Company LLC increased its stake in PTC Therapeutics by 0.8% in the 2nd quarter. Cowen AND Company LLC now owns 3,756,469 shares of the biopharmaceutical company’s stock valued at $114,873,000 after purchasing an additional 30,843 shares in the last quarter. Janus Henderson Group PLC raised its holdings in PTC Therapeutics by 40.5% during the first 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. Finally, State Street Corp boosted its position in PTC Therapeutics by 5.4% during the third quarter. State Street Corp now owns 2,899,040 shares of the biopharmaceutical company’s stock worth $107,554,000 after purchasing an additional 149,700 shares in 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.