RBC says PTC Therapeutics CRL may signal difficulty for Biohaven

RBC Capital analyst Leonid Timashev notes that PTC Therapeutics (PTCT) received a complete response letter for vatiquinone in Friedreich’s ataxia from the FDA, which the agency having noted that substantial evidence of efficacy was not demonstrated and that a well-controlled study would be needed. The firm sees “multiple parallels” between PTC and Biohaven (BHVN), which gives it “concerns” about the upcoming priority review for troriluzole in spinocerebellar ataxia. While the parallels are “concerning,” the firm also notes “several potential differentiators” that could allow Biohaven to deliver on troriluzole in SCA, though RBC remains on the sidelines with a Sector Perform rating on Biohaven given what it calls “a higher risk catalyst setup into year-end.”