Wells Fargo & Company Issues Positive Forecast for PTC Therapeutics (NASDAQ:PTCT) Stock Price

PTC Therapeutics (NASDAQ:PTCT) had its price target upped by equities research analysts at Wells Fargo & Company from $56.00 to $68.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 50.74% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. Morgan Stanley lifted their target price on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. Baird R W raised PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Robert W. Baird boosted their price objective on PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays raised their target price on shares of PTC Therapeutics from $31.00 to $43.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Finally, Royal Bank of Canada boosted 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. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, PTC Therapeutics presently has an average rating of “Hold” and an average price target of $44.69.

PTC Therapeutics Trading Down 2.0 %

PTC Therapeutics stock opened at $45.11 on Tuesday. PTC Therapeutics has a 52 week low of $21.10 and a 52 week high of $47.24. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of -7.59 and a beta of 0.63. The company’s 50-day moving average price is $39.89 and its two-hundred day moving average price is $36.12.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of PTCT. Vanguard Group Inc. boosted its stake in PTC Therapeutics by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after purchasing an additional 568,171 shares during the period. Lazard Asset Management LLC boosted its position in shares of PTC Therapeutics by 268.9% during the first quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock worth $188,000 after buying an additional 4,741 shares during the period. Burney Co. bought a new position in shares of PTC Therapeutics during the first quarter worth about $1,223,000. Harbor Capital Advisors Inc. grew its holdings in shares of PTC Therapeutics by 39.1% during the second quarter. Harbor Capital Advisors Inc. now owns 47,380 shares of the biopharmaceutical company’s stock worth $1,449,000 after buying an additional 13,326 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in PTC Therapeutics by 5.6% in the 2nd quarter. Diversified Trust Co now owns 15,317 shares of the biopharmaceutical company’s stock valued at $468,000 after acquiring an additional 818 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.