Market Overview

Credit Suisse Upgrade Keeps The Rally Going In PTC Therapeutics

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PTC Therapeutics, Inc. (NASDAQ: PTCT) shares are trading higher by $1.00 (8.6 percent) at $12.30 in Monday's session. Credit Suisse has kept the three-day rally going with an upgrade from Neutral to Outperform and raised its price target from $15.00 to $25.00.

Following a higher open, it retreated and found support just below the top of Friday's range ($11.63), reaching $11.58 before mounting another rally.

The ensuing rebound has taken the issue to a new high for the session at $12.79. That marks the highest level for the issue since it peaked on October 14 at $13.69 and ended that session at $13.27.

Interestingly, the following day it fell to $7.97, when it was received a denial letter from the FDA regarding Translarna for nonsense mutation DMD.

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