PTC Therapeutics assumed with Overweight from Equal Weight at Barclays

Barclays upgraded PTC Therapeutics (PTCT) to Overweight from Equal Weight with a price target of $119, up from $68, after assuming coverage of the name. Barclays initiated coverage of 12 biotech stocks and assumed coverage of 11 with a positive view of the industry. The analyst likes the setup for the group in 2026. Many biotech stocks remain undervalued, the analyst tells investors in a research note. The firm expects continued mergers and acquisitions, “strong” underlying fundamentals, and less of a focus on drug pricing to act as “significant tailwinds.” Barclays thinks phenylketonuria could be an over $2B sales opportunity for PTC. This is underappreciated in the shares, the firm contends.