NICE Recommendation of Translarna a Turning Point For PTC Therapeutics (PTCT) Shares - Oppenheimer
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Following the NICE recommendation of Translarna Oppenheimer analyst, Christopher Marai, caught up with PTC Therapeutics (NASDAQ: PTCT) management. He views this announcement as a turning point for PTCT shares for the following reasons:
1) the NICE review of P3 results bodes well for the upcoming CHMP decision
2) this decision puts an end to pricing debate
3) it verifies subset populations are scientifically valid and useful in determining drug benefit in DMD.
NICE acknowledged the unmet need in DMD and that the interpretation of data is scientifically supported, including subset populations. Specifically, recognition of the "most sensitive group" and the acceptance of the loss-of-ambulation data from Phase-3 ACT-DMD trial bodes well for upcoming CHMP discussions. They note The NICE recommendation is valid for Translarna with conditional or full approval.
Fully accounting for Ex-US sales, PTCT could be worth $60-80/share (6-8x multiple on conservative ex-US sales of $350M, undiscounted). No change to Outperform rating.
Shares of PTC Therapeutics closed at $8.92 yesterday.
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