PTC Therapeutics price target lowered to $45 from $48 at JPMorgan

JPMorgan analyst Eric Joseph lowered the firm’s price target on PTC Therapeutics to $45 from $48 and keeps an Overweight rating on the shares. The focus from the Q3 print was on recent regulatory interactions for key pipeline assets, the whole of which are disappointing versus expectations, the analyst tells investors in a research note. The firm says most consequential for the shares is the pushed new drug applicating submission time line for sepiapterin in PKU following the FDA’s request for a mouse carcinogenicity study under the planned 505(b)(1) path.