Wells Fargo & Company Forecasts Strong Price Appreciation for PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics (NASDAQ:PTCT) had its price objective boosted by Wells Fargo & Company from $56.00 to $68.00 in a report issued on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other equities analysts also recently issued reports on the company. Robert W. Baird lifted their price target on PTC Therapeutics from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. StockNews.com cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Raymond James began coverage on PTC Therapeutics in a research note on Thursday, October 10th. They set a “market perform” rating on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $64.00 target price on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. increased their target price on shares of PTC Therapeutics from $51.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, PTC Therapeutics presently has a consensus rating of “Hold” and an average target price of $44.38.

PTC Therapeutics Trading Up 7.0 %

PTC Therapeutics stock opened at $46.01 on Tuesday. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of -7.75 and a beta of 0.63. The firm’s fifty day moving average price is $39.48 and its two-hundred day moving average price is $35.96. PTC Therapeutics has a 1-year low of $20.75 and a 1-year high of $47.24.

Hedge Funds Weigh In On PTC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of PTCT. KBC Group NV raised its stake in shares of PTC Therapeutics by 29.2% in the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock valued at $83,000 after buying an additional 504 shares during the period. CWM LLC raised its stake in PTC Therapeutics by 354.7% in the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock valued at $100,000 after acquiring an additional 2,096 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in PTC Therapeutics by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,782 shares of the biopharmaceutical company’s stock valued at $104,000 after acquiring an additional 492 shares during the period. Quest Partners LLC bought a new position in PTC Therapeutics during the second quarter worth about $128,000. Finally, Quarry LP increased its stake in shares of PTC Therapeutics by 100.0% in the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 2,500 shares in the last quarter.

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.