Citi analyst David Lebovitz maintained a Sell rating on PTC Therapeutics (PTCT – Research Report) today and set a price target of $17.00.
David Lebovitz has given his Sell rating due to a combination of factors affecting PTC Therapeutics’ financial outlook and market performance. The recent financial results for the fourth quarter and full year of 2023, while in line with previous announcements, are overshadowed by significant commercial challenges, including the withdrawal of Translarna from the European market after a negative opinion from the Committee for Medicinal Products for Human Use (CHMP). This withdrawal has led to a revised revenue forecast for FY 2024, which is now at the lower end of the previously projected range, signifying a substantial decrease in expected revenue.
Furthermore, the Duchenne Muscular Dystrophy (DMD) franchise, a key revenue driver for PTC Therapeutics, is expected to face additional hurdles. With Translarna’s anticipated withdrawal in Europe and potential risks in other regions, coupled with the looming off-patent status of Emflaza, PTC faces the threat of generic competition. These factors collectively contribute to a less favorable financial trajectory for the company, prompting Lebovitz’s Sell recommendation amid the anticipation of a significant decline in the company’s share price.
In another report released today, Goldman Sachs also maintained a Sell rating on the stock with a $18.00 price target.
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PTC Therapeutics (PTCT) Company Description:
PTC Therapeutics, Inc. is a biopharmaceutical company, which engages in the discovery and commercialization of clinically-differentiated medicines. It focuses on the development of new treatments for multiple therapeutic areas, including rare diseases and oncology. The company was founded by Allan Steven Jacobson and Stuart W. Peltz on March 31, 1998 and is headquartered in South Plainfield, NJ.
Read More on PTCT:
- PTC Therapeutics Q4 and Fiscal Year-End Financial Update Call
- PTC Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full Year 2023 Financial Results
- SHAREHOLDER ALERT: Potential Recovery for PTC Therapeutics, Inc. (PTCT) Investors
- PTCT Earnings this Week: How Will it Perform?
- PTC Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
