As previous reported, BofA/Merrill analyst Tazeen Ahmad upgraded PTC Therapeutics to Buy from Neutral and raised its price target to $49 from $43 following the data update at the American Academy of Neurology conference for risdiplam in the treatment of spinal muscular atrophy. Ahmad now has a higher conviction risdiplam will reach the market and be successfully marketed by partner Roche. His un-risk adjusted peak sales estimate is $4.8B, much higher than PTC's $2B estimate, equating to $700M in royalty payments in peak sales years. Tazeen also updated his model to include $75M i pipeline value for the company's early stage gene splicing program and expects investor interest to start to shift to PTC's fully owned pipeline in the near future.