PTC Therapeutics price target raised to $50 from $46 at Citi

Citi analyst Geoff Meacham raised the firm’s price target on PTC Therapeutics (PTCT) to $50 from $46 and keeps a Sell rating on the shares following a transfer of coverage. Healthcare policy remains a key biopharma sector uncertainty but major economic worries have underscored the defensive attributes of biotech, the analyst tells investors in a research note. The firm says that despite near-term “choppiness,” a “barbell approach” to the sector still makes sense with higher-growth large caps likely able to absorb potential policy headwinds and catalyst-driven small-cap biotechs being insulated from macro uncertainties. Citi’s preferred smaller caps are focused on unmet medical needs, have differentiated research and development platforms or are “clean growth stories.” The firm highlights Apogee, Avidity, and Kymera as favorites.