PTC Therapeutics price target raised to $32 from $25 at BofA

BofA raised the firm’s price target on PTC Therapeutics to $32 from $25 and keeps an Underperform rating on the shares. PTC announced interim 12-month results from Part 2 of the phase 2 PIVOT-HD trial evaluating PTC518 in Huntington’s disease, noting that clinical assessment data was mixed between groups with a clear correlation between mHTT reduction and clinical benefit not yet established. The firm awaits additional data in a larger group of patients as well as longer follow-up data to better understand the PTC518’s clinical profile, the analyst tells investors in a research note, adding that regulatory alignment on an accelerated path would be an important de-risking event for the program.