BofA upgraded PTC Therapeutics (PTCT) to Buy from Neutral with a price target of $68, up from $55. The firm updated its estimates for the company’s phenylketonuria program, now estimating $788M in peak risk adjusted sales. Key opinion leader checks in PKU indicate PTC’s sepiapterin will likely be approved given the high unmet treatment need, the analyst tells investors in a research note. BofA also highlights the company’s “strong” balance sheet and current. It believes PTC’s commercial sales “provides a floor” to the stock’s valuation.
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