JPMorgan lowered the firm’s price target on PTC Therapeutics to $53 from $70 and keeps an Overweight rating on the shares following the negative Committee for Medicinal Products for Human Use opinion for Translarna full approval in Duchenne muscular dystrophy. The firm says a favorable outcome on re-examination feels like a low probability outcome. The analyst believes current share levels likely reflect fair value for PTC’s commercial stage assets but give little to no credit for its development candidates.
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