PTC Therapeutics (PTCT) Stock: Why It Increased Over 4% Today

By Amit Chowdhry ● Jun 23, 2022
  • The stock price of PTC Therapeutics (NASDAQ: PTCT) increased by over 4% during intraday trading today. This is why.

The stock price of PTC Therapeutics (NASDAQ: PTCT) increased by over 4% during intraday trading today. Investors are responding positively to a bullish research report.

RBC Capital analyst Brian Abrahams increased the price target on PTC Therapeutics from $42 to $46. And Abrahams is maintaining a “Sector Perform” rating on the shares.

“Following this week’s ph.III Study 041 data, we have made updates to our model including increasing from 80% to 95% the probability Translarna remains on the EU market and adding 25% risk-adjusted U.S. sales estimates,” wrote Abrahams in a research note. “With the updates, we increase our price target to $46 from $42. Despite recent appreciation, we believe shares have not fully rebounded and see some optionality for Translarna U.S. and other pipeline assets like the Huntington’s program; however, with pipeline risks and loss of exclusivities likely balancing out (the potential) for a more dramatic upside inflection from here, we remain Sector Perform on the shares.”

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.