Bank of America Securities analyst Tazeen Ahmad has reiterated their bullish stance on PTCT stock, giving a Buy rating yesterday.
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Tazeen Ahmad has given his Buy rating due to a combination of factors surrounding PTC Therapeutics. The recent approval of their drug Sephience for PKU treatment, with a broad label and no contraindications, aligns with expectations and presents a favorable scenario for the company. The immediate launch using existing infrastructure and targeting key prescribers at PKU centers of excellence is expected to drive initial uptake, especially among patients who have not responded well to standard therapies.
Additionally, the pricing strategy, although higher than anticipated, has been positively received by payors, suggesting minimal barriers to coverage. The updated financial model reflects an increased contribution from the PKU program, with a higher price objective set at $84. The company’s strategic focus on early payor coverage and launch metrics further supports the positive outlook, contributing to the Buy rating.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $78.00 price target.
Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PTCT in relation to earlier this year.