Citi analyst David Lebowitz downgraded PTC Therapeutics to Neutral from Buy with a price target of $29, down from $55. Following the Committee for Medicinal Products for Human Use negative opinion on Translarna, the company has limited opportunities to drive share upside in the near-term, the analyst tells investors in a research note. PTC’s key readouts expected for 2023 are now in the rear-view mirror, with most of the focus shifting towards phenylketonuria and the appeal for Translarna’s marketing approval, says Citi. It believes the stock will be range-bound over the coming months.
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