PTC Therapeutics (NASDAQ:PTCT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

PTC Therapeutics (NASDAQ:PTCT) had its target price raised by Wells Fargo & Company from $56.00 to $68.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Other research analysts have also issued research reports about the stock. Robert W. Baird raised their price target on shares of PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. UBS Group initiated coverage on shares of PTC Therapeutics in a research report on Monday, August 26th. They set a “buy” rating and a $47.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a report on Tuesday, September 17th. Royal Bank of Canada upped their target price on PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a research report on Friday, October 4th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $44.69.

PTC Therapeutics Price Performance

Shares of PTCT opened at $45.11 on Tuesday. The business has a 50-day moving average of $40.07 and a 200-day moving average of $36.18. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of -7.59 and a beta of 0.63. PTC Therapeutics has a 1 year low of $21.10 and a 1 year high of $47.24.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. KBC Group NV increased its holdings in PTC Therapeutics by 29.2% during the 3rd quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 504 shares in the last quarter. CWM LLC grew its holdings in PTC Therapeutics by 354.7% during the third quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after buying an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position 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 buying an additional 492 shares during the last quarter. Quest Partners LLC bought a new position in PTC Therapeutics during the 2nd quarter valued at $128,000. Finally, Quarry LP boosted its holdings in PTC Therapeutics by 100.0% during the 2nd quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock worth $153,000 after acquiring an additional 2,500 shares during 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.