Credit Suisse Upgrades PTC Therapeutics (PTCT) to Outperform; ROW Translarna Sales Risk Off the Table
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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.
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