Jefferies analyst Kelly Shi lowered the firm’s price target on PTC Therapeutics (PTCT) to $63 from $64 and keeps a Buy rating on the shares after the company received a complete response letter for vatiquinone in Friedreich’s ataxia from the FDA. The firm had a low expectation going into the PDUFA deadline, so the CRL “didn’t come in as a surprise to us,” says the analyst, who calls the regulatory update “a clearing event” that allows investors to now focus on the launch in phenylketonuria and the path forward in Huntington’s disease. The firm lowered its view of the odds of success in FA to 5%, the analyst noted.
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