Raymond James downgraded PTC Therapeutics to Underperform from Outperform following this morning’s release that the CHMP issued a negative opinion for the conversion of Translarna’s conditional marketing authorization to a full authorization. While PTCT plans to submit a request for reexamination, the firm does not expect the outcome to change and it expects the drug to be officially pulled from the EU market by January 2024. The firm believes the Latim American market may is also at risk, as regulatory bodies in those geographies appear to follow the recommendation of the FDA and EMA.
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