Citi Reiterates Sell Rating on PTC Therapeutics (PTCT), 'PIVOT-HD Data Update Supportive, But Expectations Measured to this Point'

Citi analyst David Lebowitz reiterated a Sell rating and $26.00 price target on PTC Therapeutics (NASDAQ: PTCT).

The analyst comments "This morning, PTC announced interim Ph2 PIVOT-HD results for PTC518, with a dose-dependent lowering of mutant huntingtin (mHTT) protein at 12 months in both the blood (as previously observed at the 12-week update HERE) and cerebrospinal fluid (CSF) at 5mg and 10mg. Importantly, PTC518 demonstrated early clinical signals, with positive directional trends in Total Motor Score (TMS) and Composite Unified Huntington’s Disease Rating Scale (cUHDRS). PTC highlights that PTC518 continues to be well tolerated, with no evidence of treatment-related Nfl spikes. PTC also announced the FDA has lifted its partial clinical hold. Overall, we view the update as a positive; however, given the small sample and limited trial duration, more data are needed to understand its clinical effect and regulatory outlook. Separately, PTC disclosed that it has sold half of its retained Evrysdi royalty to Royalty Pharma for $242M, lowering its ownership of Evrysdi’s royalty from 19% to 9.5%."

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 $35.62 yesterday.

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