PTC Therapeutics (NASDAQ:PTCT) Price Target Raised to $68.00

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

PTCT has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on PTC Therapeutics from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and set a $64.00 price objective on shares of PTC Therapeutics in a research note on Tuesday, September 17th. Robert W. Baird upped their target price on shares of PTC Therapeutics from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada increased their target price on shares of PTC Therapeutics from $32.00 to $34.00 and gave the company a “sector perform” rating in a report on Friday, October 4th. Finally, Raymond James started coverage on shares of PTC Therapeutics in a report on Thursday, October 10th. They set a “market perform” rating on the stock. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, PTC Therapeutics currently has a consensus rating of “Hold” and an average price target of $44.69.

PTC Therapeutics Price Performance

NASDAQ:PTCT opened at $43.88 on Tuesday. PTC Therapeutics has a one year low of $22.47 and a one year high of $47.24. The company has a market cap of $3.38 billion, a PE ratio of -7.39 and a beta of 0.63. The firm has a 50-day moving average of $40.22 and a 200-day moving average of $36.27.

Hedge Funds Weigh In On PTC Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTCT. KBC Group NV lifted its position in shares of PTC Therapeutics by 29.2% during the third quarter. KBC Group NV now owns 2,232 shares of the biopharmaceutical company’s stock worth $83,000 after acquiring an additional 504 shares in the last quarter. CWM LLC lifted its holdings in PTC Therapeutics by 354.7% during the 3rd quarter. CWM LLC now owns 2,687 shares of the biopharmaceutical company’s stock worth $100,000 after purchasing an additional 2,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted 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 worth $104,000 after purchasing an additional 492 shares during the period. Quest Partners LLC purchased a new position in PTC Therapeutics during the 2nd quarter valued at about $128,000. Finally, Quarry LP increased its position in shares of PTC Therapeutics by 100.0% during the second quarter. Quarry LP now owns 5,000 shares of the biopharmaceutical company’s stock valued at $153,000 after buying 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.