PTC Therapeutics initiated with an Outperform at Raymond James

Raymond James analyst Tiago Fauth last night initiated coverage of PTC Therapeutics (PTCT) with an Outperform rating and $108 price target PTC is commercializing Sephience, the first and only phenylketonuria therapy to combine oral dosing with “robust” phenylalanine control and diet flexibility, the analyst tells investors in a research note. The firm believes the drug offers key advantages over legacy standard-of-care therapies. Sephience creates a “compelling long-term risk/reward skew” for PTC shares, contends Raymond James.