As reported earlier, RBC Capital analyst Brian Abrahams upgraded PTC Therapeutics to Outperform from Standard Perform and raised his price target to $38 from $30 based on the "impressive data for oral SMA drug RG7916 at CureSMA." The analyst notes that the additional phase 1 and phase 2 results will continue to show strong evidence of target engagement to address the underlying pathology of the disease, while its updated clinical data from the FIREFISH study in Type 1 SMA shows "compelling efficacy" that may lead to the agent's ultimate probability of success.

Reports Q1 revenue $210M, consensus $169.7M. "We are off to a strong start in 2024, with outstanding commercial performance and achievement of all planned clinical and regulatory milestones for the first quarter," said Matthew Klein, M.D., Chief Executive Officer, PTC Therapeutics, Inc. "We remain on track to achieve the many planned 2024 clinical and regulatory milestones, including global regulatory submissions for sepiapterin."