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

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

A number of other equities analysts have also recently issued reports on PTCT. JPMorgan Chase & Co. upped their price objective on shares of PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Morgan Stanley lifted their price target on PTC Therapeutics from $32.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. StockNews.com downgraded PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Robert W. Baird boosted their target price 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. Finally, UBS Group initiated coverage on shares of PTC Therapeutics in a research note on Monday, August 26th. They set a “buy” rating and a $47.00 price target for the company. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, PTC Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $44.38.

PTC Therapeutics Stock Performance

Shares of PTCT stock opened at $46.01 on Tuesday. PTC Therapeutics has a fifty-two week low of $20.75 and a fifty-two week high of $47.24. The stock’s fifty day moving average price is $39.48 and its two-hundred day moving average price is $35.96. The company has a market cap of $3.55 billion, a PE ratio of -7.75 and a beta of 0.63.

Institutional Investors Weigh In On PTC Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. increased its stake in shares of PTC Therapeutics by 945.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 575,860 shares of the biopharmaceutical company’s stock valued at $21,364,000 after acquiring an additional 643,960 shares in the last quarter. Vanguard Group Inc. grew its holdings in 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 purchasing an additional 568,171 shares during the period. Armistice Capital LLC increased its stake 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 purchasing an additional 198,227 shares in the last quarter. Parkman Healthcare Partners LLC acquired a new position in shares of PTC Therapeutics during the third quarter valued at about $7,234,000. Finally, Ensign Peak Advisors Inc boosted its position in shares of PTC Therapeutics by 650.9% during the 2nd quarter. Ensign Peak Advisors Inc now owns 208,302 shares of the biopharmaceutical company’s stock worth $6,370,000 after purchasing an additional 180,561 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.