Baird initiated coverage of PTC Therapeutics with an Outperform rating and $44 price target. The company has several late-stage pipeline catalysts coming in 2024 and 2025 that, taken together, provide attractive risk/reward for the stock, the analyst tells investors in a research note. PTC’s pipeline also has “impressive breadth”, and the product the firm attributes the most credit to – sepiapterin – only accounts for 25% of its valuation, Baird added, further citing the company’s proven sales team, demonstrated expense constraint, and a strong balance sheet.
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