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Fly News Breaks for February 24, 2016
PTCT
Feb 24, 2016 | 07:41 EDT
As noted earlier, RBC Capital downgraded PTC Therapeutics to Sector Perform from Outperform. The firm downgraded the stock after the FDA refused to review the company's application for Translarna for the treatment of Duchenne muscular dystrophy. The firm says that the plunge in PTC's stock is justified since the drug failed a confirmatory Phase III trial, and the FDA has shown it will not approve drugs that do not show evidence of working. Target to $11 from $56.
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