Truist analyst Robyn Karnauskas lowered the firm’s price target on PTC Therapeutics to $45 from $60 but keeps a Buy rating on the shares. The analyst cites the negative CHMP opinion on Translarna, along with investor concerns about cash position and the management’s “ability to execute” that fueled Friday’s 30% selloff. Having taken a closer look at PTC’s debt obligations however, the firm contends that the company has the ability to meet cash requirements to get to commercialization in Phenylketonuria, or PKU, which is a “key pillar” to its bullish thesis.
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