Cantor Fitzgerald lowered the firm’s price target on PTC Therapeutics to $73 from $75 and keeps an Overweight rating on the shares after PTC announced the Phase 2/3 MIT-E trial for vatiquinone in mitochondrial disease-associated seizures, or MDAS, missed the primary endpoint during the 24 weeks placebo-controlled part of the trial and noted that the results do not support advancing the drug in MDAS. The miss in MDAS does not change its thesis on the company as the firm argues that vatiquinone is not a “core part of the story” and that the key focal points for investors remain on the commercial portfolio and the developmental pipeline.
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