PTC data ‘brought more confusion than answers,’ says Citi

Citi says PTC Therapeutics (PTCT)’ announcement this morning of data from its phase 2 PIVOT-HD study of PTC518 in stage 2 and stage 3 Huntington’s disease patients “brought more confusion than answers.” Though blood Huntingtin reductions at week 12 were statically significant, the lack of CSF mHTT data is likely to cause investor concern given CSF lowering of the mHTT protein is thought to potentially confer benefit, the analyst tells investors in a research note. Further, Citi says inconsistent trends in clinical measures “further obfuscate these data” and the lack of precise data points on 24-month treatment data on clinical measures “is bound to disappoint.” The firm expects PTC shares to trade negatively on these data “given the lack of indisputable clarity on clinical measure benefits conferred by PTC518’s blood mHTT lowering.” Citi keeps a Sell rating on the shares with a $50 price target The stock in premarket trading is down 21% to $39.36.