Analyst Geoff Meacham of Citi maintained a Hold rating on PTC Therapeutics, retaining the price target of $50.00.
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Geoff Meacham has given his Hold rating due to a combination of factors related to the competitive landscape and recent developments in the gene therapy sector. The recent positive data from UniQure’s AMT130 gene therapy for Huntington’s disease has set a high efficacy benchmark, which could impact the competitive positioning of PTC Therapeutics’ votoplam (PTC518) in its own phase 2 trial.
Despite the differences in patient baseline characteristics between the two trials, the compelling results from UniQure raise questions about the sufficiency of votoplam’s data in achieving similar success. As such, Meacham maintains a Neutral rating with a high-risk outlook, reflecting the uncertainties and challenges PTC Therapeutics faces in meeting these new standards. The expected share price return is projected at -17.4%, further justifying the Hold recommendation.
Meacham covers the Healthcare sector, focusing on stocks such as Eli Lilly & Co, Vertex Pharmaceuticals, and Biogen. According to TipRanks, Meacham has an average return of 2.9% and a 52.51% success rate on recommended stocks.