Citi analyst Joel Beatty recommends buying shares of PTC Therapeutics (PTCT) on weakness from Roche's (RHHBY) Phase 3 SUNFISH results. The analyst views the results as favorable for PTC's Risdiplam. Despite success on the primary endpoint, the stock traded down initially upon the results, mainly due to the secondary Hammersmith endpoint not reaching statistical significance, with a smaller magnitude of benefit than was seen with Spinraza, Beatty tells investors in a research note. However, he believes simply meeting the primary endpoint of SUNFISH was enough to achieve the trial's key goal, and the secondary endpoints need not be overly scrutinized. Beatty keeps a Buy rating on PTC Therapeutics with a $55 price target.

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."