Kyle Dennis of BiotechBreakouts.com likes PTC Therapeutics Inc. (PTCT) ahead of an Oct. 24 FDA-driven catalyst that he believes could propel the stock to new heights. PTC is looking for approval on a muscular-dystrophy drug and Dennis noted that the stock could pop akin to one of its competitors — Sarepta Therapeutics — which made a big move this year after a similar catalyst event. Dennis is looking to buy PTCT shares on a dip between $18 and $19 per share, expecting to be out by Oct. 21 ahead of the date with a share price he expects to be in the $20s at that point.
Kyle Dennis is an events-based trader who runs Kyle Dennis’ Biotech Breakouts (biotechbreakouts.com). He had no position in PTCT when he recorded this interview on Sunday, Oct. 1, but was expecting to buy it on pullbacks during October, as discussed here. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.