PTC Therapeutics price target lowered to $22 from $27 at RBC Capital

RBC Capital lowered the firm’s price target on PTC Therapeutics to $22 from $27 and keeps a Sector Perform rating on the shares. The CHMP vote to withdraw Translarna from the market was likely to a large extent baked in to the stock, but it does make the path forward for the company more complex as they look to gain approval of and launch sepiapterin for PKU and advance ‘518 for Huntington’s, the analyst tells investors in a research note. PTC should be able to navigate these challenges, though it will likely require R&D cuts, selling the remaining Evrysdi royalties, and generating favorable Huntington’s Disease data, the firm added.