PTC Therapeutics upgraded to Neutral from Underperform at BofA

BofA analyst Tazeen Ahmad upgraded PTC Therapeutics (PTCT) to Neutral from Underperform with a price target of $55, up from $41. The firm cites the FDA having fast tracked potential approval for vatiquinone, the company’s drug to treat Friedrich ataxia, FA, a rare genetic neuromuscular disease, the analyst tells investors in a research note. This is particularly positive given that a phase 3 study failed to demonstrate a statistically significant benefit on a primary FA rating scale, and while approval has yet to be de-risked, the NDA gives the firm enough confidence to break out standalone value for the stock, BofA adds.