PTC Therapeutics (NASDAQ:PTCT) shares are up nearly 5% in the pre-market session today after the biopharmaceutical company announced a headcount reduction of 25%. This primarily impacts the company’s early-stage research programs and its gene therapy manufacturing facility.
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The cost-saving actions are expected to result in a nearly 20% decrease in annualized operating expenses. Additionally, PTC plans to seek a re-examination of the CHMP’s (Committee for Medicinal Products for Human Use) negative opinion on the full marketing authorization for Translarna in Europe for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD).
The therapy has been granted conditional marketing approval in Europe, and PTC remains confident in its potential approval based on data from three placebo-controlled trials and the STRIDE registry, which includes data from 300 subjects. PTC expects an opinion following the re-examination process to occur in January 2024.
DMD is a rare and fatal genetic disorder that causes progressive muscle weakness from early childhood. Heart and respiratory failure from the disorder can cause death in a patient’s mid-20s.
What Is the Price Target of PTCT Stock?
Overall, the Street has a consensus price target of $38.42 on PTCT, alongside a Hold consensus rating. After a 55.7% price decline over the past year, the consensus price target points to a 69.5% potential upside in the stock.
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