Morgan Stanley lowered the firm’s price target on PTC Therapeutics (PTCT) to $71 from $76 and keeps an Overweight rating on the shares after the FDA issued a complete response letter for the vatiquinone in Friedreich’s ataxia. Next steps for the program could include another trial, though any updates will be provided after management meets with the agency to discuss issues raised in the CRL, notes the analyst, who has removed vatiquinone from the firm’s model. While the CRL is “a clear setback,” the firm expects PKU launch dynamics, along with potential updates for PTC518 in Huntington’s, to “command investor attention,” the analyst added.
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