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PTCT

PTC Therapeutics

$40.87

0.36 (0.89%)

07:32
05/13/19
05/13
07:32
05/13/19
07:32

PTC Therapeutics upgraded to Buy following data update at BofA/Merrill

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.

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PTCT PTC Therapeutics
$40.87

0.36 (0.89%)

11/12/18
CANT
11/12/18
NO CHANGE
Target $61
CANT
Overweight
PTC Therapeutics price target lowered to $61 from $66 at Cantor Fitzgerald
Cantor Fitzgerald analyst Alethia Young lowered her price target for PTC Therapeutics to $61 on expectations the company's expense run-rate will be higher from here as it invests in new programs like gene therapy. The analyst, however, still sees upside in the shares driven by her confidence in the risdiplam. She reiterates an Overweight rating on the shares.
04/11/19
BERN
04/11/19
INITIATION
Target $48
BERN
Outperform
PTC Therapeutics initiated with an Outperform at Bernstein
Bernstein analyst Vincent Chen started coverage on PTC Therapeutics (PTCT) with an Outperform rating and a $48 price target, given his positive view on the commercial potential of risdiplam in SMA. The analyst believes that there will still be a substantial market opportunity for non-gene therapy drugs after approval, and thinks risdiplam's oral dosing will be a substantial advantage over Biogen (BIIB) Spinraza's intrathecal administration. If risdiplam is safe and comparably efficacious to Spinraza, Chen forecasts potential for $2.5B in revenues by 2030.
05/09/19
LEHM
05/09/19
NO CHANGE
Target $245
LEHM
Equal Weight
Barclays cuts Biogen target to $245 on reduced Spinraza estimates
Barclays analyst Geoff Meacham lowered his price target for Biogen (BIIB) to $245 from $250 citing growing uncertainty in spinal muscular atrophy. Concerns over Spinraza in spinal muscular atrophy have intensified with the impending launch of Novartis' (NVS) gene therapy Zolgensma and Roche (RHHBY)/PTC's (PTCT) oral risdiplam, Meacham tells investors in a research note. The analyst says his feedback from key opinion leaders was "direct and unequivocal," with the leaders predicting "robust uptake" of both Zolgensma and risdiplam given signs of improved efficacy. This was at the expense of Spinraza driven by the clinical burden of intrathecal injections, says Meacham. On the basis of this feedback, he lowered his longer-term Spinraza outlook by ~$150M per year. The analyst now forecasts sales of $2.0B in 2019, declining to $1.7B in 2023. He keeps an Equal Weight rating on Biogen.
05/13/19
BOFA
05/13/19
UPGRADE
BOFA
Buy
PTC Therapeutics upgraded to Buy from Neutral at BofA/Merrill

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