Deutsche Bank maintained a Buy rating on PTC Therapeutics (NASDAQ: PTCT) with a price target of $75. Rumors yesterday said it is exploring a sale.

"As we have stated before, the company is one of our top picks within our coverage universe," said analyst Alethia Young. "We think the platform value of ataluren and scientific strength in discovery remain unappreciated."

"We also think that upcoming global DMD trial is relatively de-risked although it is a binary trial readout. We think improvements on the statistical design and a greater understanding of the DMD natural history to enrich the population are major factors that de-risk this trial. We note that in the Ph2b that the p value was .056 in 2009 would have been approvable in 2014 (based on current drugs/trials in development)," continued the analyst.

"Our base case of $75/sh assumes EU DMD at 100% prob of success (pos), US DMD at 50% pos, WW CF at 50% pos," Young added. "We have built an M&A DCF scenario to consider potential synergies. We think main synergies are revenue and taxes (depending on acquirer). We do assume modest SG&A leverage (10-20% lower) while keeping R&D constant (we think it's a key value in the deal). Based on these assumptions, we get to potential FVs of $88-$117 based on our base case. If we assume greater prob of success for DMD and CF (75% success) and 25% success to SMA and Hurlers, we get to FVs of $135 - $180."

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Shares of PTC Therapeutics closed at $64.96 yesterday.