PTC Therapeutics initiated with a Sector Perform at Scotiabank

Scotiabank analyst Louise Chen initiated coverage of PTC Therapeutics (PTCT) with a Sector Perform rating and $55 price target Scotiabank believes the stock is fairly valued at current levels, and with a market cap of over $4B, thinks the Street is already attributing roughly $3.5B to its pipeline, the analyst tells investors in a research note. While PTC has built a great rare disease business and its next generation of products looks interesting, Scotiabank thinks the Street already recognizes this.