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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PTCT:
- PTC Therapeutics: Buy Rating Affirmed Amid Temporary Weakness and Promising Pipeline
- JPMorgan adds PTC Therapeutics to Analyst Focus List after selloff
- PTC Therapeutics price target lowered to $76 from $82 at BofA
- PTC Therapeutics price target lowered to $73 from $79 at Wells Fargo
- PTC Therapeutics price target lowered to $63 from $64 at Jefferies