PTC Therapeutics price target raised to $41 from $31 at BofA

BofA analyst Tazeen Ahmad raised the firm’s price target on PTC Therapeutics (PTCT) to $41 from $31 and keeps an Underperform rating on the shares after the company announced it has entered an exclusive strategic license agreement with Novartis (NVS) for the global development of PTC518 in Huntington’s disease. While “encouraged” that the deal alleviates the near-term need for cash, the firm reminds investors that management is seeking regulatory alignment on an accelerated approval path following a positive phase 2 update in June and continues to look for color on future development plans that it thinks “still need de-risking.”