PTC Therapeutics price target raised to $71 from $47 at UBS

UBS raised the firm’s price target on PTC Therapeutics (PTCT) to $71 from $47 and keeps a Buy rating on the shares. PTC Therapeutics on Monday announced a global licensing and collaboration agreement with Novartis (NVS) for its Huntington’s Disease program, PTC518, under which PTC will receive $1B at closing and is eligible for up to $1.9B in development, regulatory and sales milestones, the analyst tells investors in a research note. PTC is a high conviction call into 2025, where UBS sees PTC as a diversified rare disease portfolio with several key catalysts over the next 12 months, and the firm views the Novartis deal as positive for PTC, where the company receives meaningful cash upfront, still retains significant economics, and sees a large opportunity if successful.