Analyst Joseph Thome from TD Cowen maintained a Hold rating on PTC Therapeutics (PTCT – Research Report) and increased the price target to $60.00 from $50.00.
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Joseph Thome has given his Hold rating due to a combination of factors concerning PTC Therapeutics. The acceptance of vatiquinone’s NDA for Friedreich’s ataxia under priority review is a positive development. However, the pivotal MOVE-FA trial did not achieve its primary endpoint, which poses some uncertainties about its potential approval. Despite missing the primary endpoint, the drug showed promise in improving upright stability, a crucial factor for mobility preservation.
The analyst recognizes an opportunity for rapid uptake in the pediatric population if the drug is approved, given the significant unmet medical need and limited competition from existing treatments. However, in the adult market, the established presence of a competing drug, Skyclarys, might limit vatiquinone’s market penetration. These mixed potential outcomes, along with updated sales projections and valuation, have contributed to the decision to maintain a Hold rating, reflecting caution amidst uncertainties.