Tazeen Ahmad, an analyst from Bank of America Securities, reiterated the Buy rating on PTC Therapeutics. The associated price target was raised to $87.00.
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Tazeen Ahmad has given his Buy rating due to a combination of factors including the strong initial demand for Sephience, a newly approved treatment by PTC Therapeutics. A survey of neurologists and geneticists treating PKU patients indicates a significant interest, with many already prescribing the drug and expecting to increase prescriptions in the near future. This early uptake is particularly notable among patients who have not responded well to existing treatments like Kuvan.
Furthermore, the early trends in payor coverage are promising, with a high percentage of initial prescriptions being covered. The analyst also highlights the potential for Sephience to become a blockbuster product, projecting peak sales of $1.5 billion. These factors, along with positive feedback from key opinion leaders, contribute to the optimistic outlook and the Buy rating with a price objective of $87.
In another report released on October 16, Morgan Stanley also maintained a Buy rating on the stock with a $71.00 price target.