Citi analyst Joel Beatty downgraded PTC Therapeutics to Neutral from Buy with a price target of $71, up from $55. The analyst has "very high conviction" that Risdiplam will be approved for the treatment of spinal muscular atrophy by the May 24 FDA action data. However, he believes Risdiplam is now fairly valued in the stock and has a lack of conviction that catalysts over the next year will lead to upside. Further, there remains some risk that PTC could hit some manufacturing/regulatory delays with AADC gene therapy, Beatty tells investors in a research note.