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

PTC Therapeutics (NASDAQ:PTCTFree Report) had its target price hoisted by Wells Fargo & Company from $56.00 to $68.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

PTCT has been the topic of several other reports. Baird R W upgraded shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $64.00 price target on shares of PTC Therapeutics in a report on Tuesday, September 17th. Royal Bank of Canada lifted their price objective on shares of PTC Therapeutics from $32.00 to $34.00 and gave the stock a “sector perform” rating in a report on Friday, October 4th. Barclays increased their target price on PTC Therapeutics from $31.00 to $43.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, Morgan Stanley lifted their price target on PTC Therapeutics from $32.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, PTC Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $44.69.

Read Our Latest Research Report on PTC Therapeutics

PTC Therapeutics Stock Down 2.7 %

PTC Therapeutics stock opened at $43.88 on Tuesday. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -7.39 and a beta of 0.63. The business has a 50-day simple moving average of $40.22 and a 200 day simple moving average of $36.27. PTC Therapeutics has a 52 week low of $22.47 and a 52 week high of $47.24.

Institutional Investors Weigh In On PTC Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in PTC Therapeutics by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock valued at $272,545,000 after purchasing an additional 568,171 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of PTC Therapeutics by 268.9% during the 1st quarter. Lazard Asset Management LLC now owns 6,504 shares of the biopharmaceutical company’s stock valued at $188,000 after purchasing an additional 4,741 shares in the last quarter. Burney Co. purchased a new position in shares of PTC Therapeutics during the first quarter valued at about $1,223,000. Harbor Capital Advisors Inc. raised its stake in PTC Therapeutics by 39.1% in 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 holdings in PTC Therapeutics by 5.6% in the second quarter. Diversified Trust Co now owns 15,317 shares of the biopharmaceutical company’s stock worth $468,000 after buying an additional 818 shares during the period.

About PTC Therapeutics

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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.

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Analyst Recommendations for PTC Therapeutics (NASDAQ:PTCT)

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