Raymond James Upgrades PTC Therapeutics (PTCT) to Market Perform

Raymond James analyst Danielle Brill upgraded PTC Therapeutics (NASDAQ: PTCT) from Underperform to Market Perform.

The analyst comments "We are upgrading PTCT to Market Perform following this morning’s news that the European Commission (EC) decided against adoption of the CHMP’s recommendation to pull Translarma from the market in Europe. Recall, the CHMP twice issued a negative opinion on the renewal of Translarna’s conditional marketing authorization in Europe for the treatment of DMD patients with nonsense mutations (nmDMD) along with a recommendation to pull the drug from the market which was expected to be ratified by the EC in early April. In an unprecedented move, the EC has rejected the CHMP’s recommendation and is instead asking for another re-evaluation. Importantly, input from the Scientific Advisory Group (SAG) meeting held last fall (which ultimately resulted in the recommendation to remove the drug from the market), will not be considered by the CHMP in any future evaluation of Translarna. Instead, the EC has asked the CHMP to further consider data from patient registries, and real-world evidence - which all but guarantees that the CHMP will change their opinion, in our view. As such, we added Translarna EU revenues back into our model are upgrading our rating to Market Perform."

For an analyst ratings summary and ratings history on PTC Therapeutics click here. For more ratings news on PTC Therapeutics click here.

Shares of PTC Therapeutics closed at $33.10 yesterday.

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