J P Morgan Chase & Co Upgrades PTC Therapeutics, Inc. (PTCT) to Neutral

PTC Therapeutics, Inc. (NASDAQ:PTCT) was upgraded by analysts at J P Morgan Chase & Co from an “underweight” rating to a “neutral” rating in a note issued to investors on Thursday. The brokerage presently has a $15.00 target price on the biopharmaceutical company’s stock. J P Morgan Chase & Co’s price objective would suggest a potential downside of 6.07% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. ValuEngine cut shares of PTC Therapeutics from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Citigroup Inc. restated a “buy” rating and set a $17.00 price objective (down previously from $28.00) on shares of PTC Therapeutics in a research report on Thursday, July 20th. Zacks Investment Research downgraded shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Bank of America Corporation downgraded shares of PTC Therapeutics from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 26th. Finally, Royal Bank Of Canada set a $15.00 price objective on shares of PTC Therapeutics and gave the company a “hold” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. PTC Therapeutics has a consensus rating of “Hold” and an average price target of $18.75.

PTC Therapeutics (PTCT) traded up $0.09 during trading hours on Thursday, hitting $15.97. 1,090,000 shares of the stock were exchanged, compared to its average volume of 1,120,000. PTC Therapeutics has a 1 year low of $8.12 and a 1 year high of $22.00. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.97 and a current ratio of 3.08.

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A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. Bank of New York Mellon Corp raised its position in PTC Therapeutics by 12.4% in the first quarter. Bank of New York Mellon Corp now owns 182,048 shares of the biopharmaceutical company’s stock worth $1,792,000 after acquiring an additional 20,123 shares during the period. American International Group Inc. raised its position in PTC Therapeutics by 7.1% in the first quarter. American International Group Inc. now owns 20,480 shares of the biopharmaceutical company’s stock worth $202,000 after acquiring an additional 1,355 shares during the period. TIAA CREF Investment Management LLC raised its position in PTC Therapeutics by 3.0% in the first quarter. TIAA CREF Investment Management LLC now owns 96,318 shares of the biopharmaceutical company’s stock worth $948,000 after acquiring an additional 2,774 shares during the period. Vanguard Group Inc. raised its position in PTC Therapeutics by 5.3% in the first quarter. Vanguard Group Inc. now owns 2,020,039 shares of the biopharmaceutical company’s stock worth $19,877,000 after acquiring an additional 101,331 shares during the period. Finally, Geode Capital Management LLC raised its position in PTC Therapeutics by 4.2% in the first quarter. Geode Capital Management LLC now owns 270,264 shares of the biopharmaceutical company’s stock worth $2,659,000 after acquiring an additional 10,958 shares during the period. Institutional investors and hedge funds own 78.53% of the company’s stock.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the discovery, development and commercialization of medicines using its expertise in ribonucleic acid (RNA) biology. Its product pipeline includes Ataluren (Translarna), PTC596 and RG7916. Its product candidate, ataluren, is an orally administered small-molecule compound for the treatment of patients with genetic disorders due to a nonsense mutation.

Analyst Recommendations for PTC Therapeutics (NASDAQ:PTCT)

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