Credit Suisse Upgrades PTC Therapeutics (PTCT) to Outperform; ROW Translarna Sales Risk Off the Table
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Credit Suisse upgraded PTC Therapeutics (NASDAQ: PTCT) from Neutral to Outperform with a price target of $25.00 (from $15.00), saying they believe much of the near-term risk associated with ROW Translarna sales are off the table.
Analyst Alethia Young commented, "PTC announced this morning that CHMP is maintaining their conditional marketing approval in Europe. We have increased our probability of success in their ROW revenue stream to 100%. We had previously assumed a 75% probability of success. They also announced design of post marketing trial in Europe which is a 3-year study with data expected in 1Q 2021. We expect that approval would be reviewed again when this data reads out. Therefore we would expect the company can sell Translarna for at least another four years with no disruption. Our focus now turns to commercial execution of Translarna sales in the EU/RoW where DMD has high unmet need and Translarna is the only approved therapy."
Shares of PTC Therapeutics closed at $11.30 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Upgrades Tiffany & Co. (TIF) to Market Perform; Demand Trends Stabilizing
- Needham & Company Upgrades Magnachip Semiconductor (MX) to Buy
- Photronics, Inc. (PLAB): Raising PT - UBS
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Related EntitiesCredit Suisse
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!