BofA lowered the firm’s price target on PTC Therapeutics (PTCT) to $76 from $82 and keeps a Buy rating on the shares after the FDA issued a complete response letter for the vatiquinone in Friedreich’s ataxia and requested the company conduct another study to support an NDA resubmission. Given the CRL, the firm pushes out the vatiquinone launch to 2028 for the delay in timelines and lowers its view of the program’s likelihood-of-success to 50% from 60%, the analyst noted.
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