PTC Therapeutics initiated with a Sell at Goldman Sachs

Goldman Sachs analyst Paul Choi initiated coverage of PTC Therapeutics with a Sell rating and $35 price target. The company’s "maturing key franchises" put intermediate term consensus growth assumptions at risk, Choi tells investors in a research note. The analyst expects near term Evrysdi growth to "remain robust," but questions the durability of key PTC’s commercial franchises over the intermediate and long term. The company also has a lack of "de-risked, late stage" pipeline assets, will is likely to drive underperformance in shares, contends Choi.