RBC Capital Downgrades PTC Therapeutics (PTCT) to Sector Perform

RBC Capital analyst Brian Abrahams downgraded PTC Therapeutics (NASDAQ: PTCT) from Outperform to Sector Perform with a price target of $91.00 (from $82.00).

The analyst comments "With Sephience off to a strong start – and our new physician survey indicating good uptake should continue, at least for the near term, with consensus peak Sephience sales expectations having come up to > $1.2B, regulatory hopes still intact for an expedited votoplam approval pathway, and the stock having now appreciated nearly 75% in the past 3mo to reflect these favorable developments, our thesis has mostly played out. While we could see some additional momentum for shares, particularly if they beat on 4QE, which now looks more likely to us, with Sephience at a $7.5B market cap, now reflecting ~4x peak adjusted sales, we see less room for significant additional appreciation. Increasing price target to $91, but at these levels we would wait for a better entry point to add further to positions; downgrade to SP."

For an analyst ratings summary and ratings history on PTC Therapeutics click here. For more ratings news on PTC Therapeutics click here.

Shares of PTC Therapeutics closed at $85.99 yesterday.

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