Tazeen Ahmad, an analyst from Bank of America Securities, maintained the Hold rating on PTC Therapeutics (PTCT – Research Report). The associated price target remains the same with $55.00.
Tazeen Ahmad has given his Hold rating due to a combination of factors surrounding PTC Therapeutics. The European Commission’s decision to ratify the negative CHMP opinion on Translarna has led to the removal of its conditional marketing authorization in Europe. Despite this, there is potential for continued use of Translarna in individual EU countries under specific directives, which leaves some uncertainty in the market.
Additionally, the current sales estimates for Translarna already account for a decline, and the influence of the DMD patient community may help sustain its usage. The Hold rating is also influenced by the anticipation of upcoming pipeline developments, such as the phase 2 update in Huntington’s disease and regulatory decisions for other treatments. These factors contribute to a cautious outlook, maintaining a price objective close to the current trading price.
Ahmad covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Ascendis Pharma, and Alnylam Pharma. According to TipRanks, Ahmad has an average return of -3.7% and a 44.35% success rate on recommended stocks.
In another report released yesterday, TD Cowen also maintained a Hold rating on the stock with a $60.00 price target.