PTC Therapeutics (NASDAQ:PTCT) Given New $68.00 Price Target at Wells Fargo & Company

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

Other analysts have also issued research reports about the stock. Robert W. Baird lifted their price objective on shares of PTC Therapeutics from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. UBS Group began coverage on shares of PTC Therapeutics in a research note on Monday, August 26th. They issued a “buy” rating and a $47.00 price target for the company. StockNews.com cut shares of PTC Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. Royal Bank of Canada raised their target price 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $64.00 price target on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Three investment 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.com, the stock presently has an average 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’s 50-day moving average is $39.48 and its 200-day moving average is $35.96. PTC Therapeutics has a 1 year low of $20.75 and a 1 year high of $46.98. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of -7.24 and a beta of 0.63.

Institutional Inflows and Outflows

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

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.