Credit Suisse Says PTC Therapeutics Could Trade Up Between $80 And $100

PTC Therapeutics, Inc. PTCT shares popped Thursday morning, following a note from Credit Suisse that said the stock could trade up by more than 500 percent..

The predicted activity will depend on corporate expenses and the company’s upcoming cystic fibrosis data. PTC is in Phase 3 for its Ataluren Confirmatory Trial in Cystic Fibrosis.

“Risk/reward is very good due to low expectations,” the Credit Suisse note read. “Our near-term focus for shares is upcoming CF data in Q1 2017 readout where we think that investor expectations remain low.”

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The U.S. Food and Drug Administration has granted ataluren orphan drug designation for treatment of both cystic fibrosis and Duchenne muscular dystrophy.

Shares of PTC were trading around $13.50 at time of publication, up more than 5.5 percent.