Wells Fargo & Company Raises PTC Therapeutics (NASDAQ:PTCT) Price Target to $68.00

PTC Therapeutics (NASDAQ:PTCT) had its price objective lifted by analysts at Wells Fargo & Company from $56.00 to $68.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 58.18% from the stock’s previous close.

A number of other research firms also recently commented on PTCT. Raymond James started coverage on PTC Therapeutics in a research note on Thursday, October 10th. They issued a “market perform” rating for the company. Robert W. Baird boosted their target price 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a research report on Tuesday, September 17th. Baird R W upgraded PTC Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada lifted their price target on PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, October 4th. Three equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $44.38.

PTC Therapeutics Price Performance

Shares of NASDAQ PTCT opened at $42.99 on Tuesday. The business has a fifty day moving average price of $39.48 and a two-hundred day moving average price of $35.96. The stock has a market capitalization of $3.32 billion, a PE ratio of -7.24 and a beta of 0.63. PTC Therapeutics has a fifty-two week low of $20.75 and a fifty-two week high of $46.98.

Institutional Trading of PTC Therapeutics

Several institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. raised its position in PTC Therapeutics by 945.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock worth $21,364,000 after purchasing an additional 643,960 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of PTC Therapeutics by 6.5% in the first quarter. Vanguard Group Inc. now owns 9,369,014 shares of the biopharmaceutical company’s stock worth $272,545,000 after acquiring an additional 568,171 shares during the period. Armistice Capital LLC boosted its holdings in PTC Therapeutics by 2.9% in the second quarter. Armistice Capital LLC now owns 6,962,227 shares of the biopharmaceutical company’s stock valued at $212,905,000 after acquiring an additional 198,227 shares during the last quarter. Parkman Healthcare Partners LLC acquired a new stake in PTC Therapeutics during the 3rd quarter valued at approximately $7,234,000. Finally, Ensign Peak Advisors Inc increased its position in PTC Therapeutics by 650.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock valued at $6,370,000 after purchasing an additional 180,561 shares during the period.

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.