Morgan Stanley analyst Jeffrey Hung lowered the firm’s price target on PTC Therapeutics to $31 from $47 and keeps an Equal Weight rating on the shares after PTC received a negative opinion from the CHMP on renewing the existing conditional marketing authorization for Translarna, as well as converting the conditional authorization to full marketing authorization. Though the update is “disappointing” and leaves the firm incrementally more cautious on the prospects for Translarna and PTC shares, the firm acknowledges the upside potential should a re-examination result in a positive outcome.
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