UPDATE: Credit Suisse Initiates Coverage on PTC Therapeutics with Outperform Rating, $24 PT on Bullish Thesis

In a report published Monday, Credit Suisse analyst Jason Kantor initiated coverage on

with an Outperform rating and $24.00 price target. In the report, Credit Suisse noted, “Our bullish thesis is based on the demonstrated activity of Ataluren in two orphan genetic diseases: Duchenne muscular dystrophy (DMD) and cystic fibrosis (CF). Together, these represent a $1B market opportunity for a highly targeted patient group, not served by other drugs in development.” PTC Therapeutics closed on Friday at $16.94.