Analyst Joseph Thome of TD Cowen maintained a Hold rating on PTC Therapeutics, reducing the price target to $50.00.
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Joseph Thome has given his Hold rating due to a combination of factors impacting PTC Therapeutics. The FDA issued a Complete Response Letter (CRL) for vatiquinone’s New Drug Application (NDA) for Friedreich’s ataxia, indicating that substantial efficacy was not demonstrated and that an additional study would be necessary for resubmission. This regulatory setback has led to the removal of Friedreich’s ataxia estimates from the model, resulting in a reduced price target of $50 per share.
Despite this challenge, PTC Therapeutics has achieved significant milestones, such as the approval and launch of Sephience in both the U.S. and EU. The focus now shifts to the Sephience launch metrics, which are expected to be a major growth driver with potential revenue exceeding $1 billion in the U.S. alone. These achievements provide a balanced outlook, justifying the Hold rating as the company navigates through its regulatory and commercial landscape.
In another report released on August 15, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $51.00 price target.
Based on the recent corporate insider activity of 45 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.