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PTC Therapeutics price target lowered to $50 from $56 at TD Cowen

TD Cowen analyst Joseph Thome lowered the firm’s price target on PTC Therapeutics (PTCT) to $50 from $56 and keeps a Hold rating on the shares after the FDA issued a complete response letter for vatiquinone in Friedreich’s ataxia. The firm removed Friedreich’s ataxia from its model and believes a a second successful Phase III study will likely be required for approval.

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