In a report released yesterday, Joseph Thome from TD Cowen maintained a Hold rating on PTC Therapeutics, with a price target of $63.00.
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Joseph Thome has given his Hold rating due to a combination of factors surrounding PTC Therapeutics’ performance and future prospects. The company reported impressive initial sales for Sephience, significantly exceeding consensus expectations and demonstrating strong market uptake. Despite this positive development, the DMD franchise continues to face challenges, with a notable decline in sales, which partially offsets the success of the Sephience launch.
While the initial launch metrics for Sephience are promising and have led to an increase in the price target, the early stage of the launch and ongoing geographical expansion efforts introduce a level of uncertainty. Additionally, PTC’s plans to focus on its early-stage pipeline suggest a strategic shift that may take time to yield results. These mixed factors contribute to the Hold rating, as the potential for growth is balanced by existing challenges and uncertainties.
Thome covers the Healthcare sector, focusing on stocks such as United Therapeutics, AnaptysBio, and PTC Therapeutics. According to TipRanks, Thome has an average return of 20.6% and a 56.00% success rate on recommended stocks.
In another report released on October 23, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $71.00 price target.