PTC Therapeutics (PTCT) PT Raised to $15 at Credit Suisse
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Credit Suisse analyst Alethia Young raised her price target on PTC Therapeutics (NASDAQ: PTCT) to $15.00 (from $6.00) after doc checks around Translarna launch but maintained a Neutral rating.
Young commented, "We increased our ramp speed in EU/ROW and gross price realized for the drug after our checks and company comments. In speaking to physicians, we think continued low levels of discontinuations are very encouraging for commercial progress as well. General awareness has increased from our earlier checks and risk/benefit remains very favorable with the drug. Our new 2025 probability adjusted sales are $237M vs. prior $177M. At this level, we think upside comes from full confidence around EU approval which would increase our FV to $22/sh or ~42% upside from our base case (excluding CF, SMA). If EU cystic fibrosis is successful in 1Q17, this opportunity could add $30/share. We maintain our Neutral rating until we get more certainty on regulatory needs in EMA and progress in the U.S."
Shares of PTC Therapeutics closed at $13.59 yesterday.
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