Hailshadow
Citi has downgraded PTC Therapeutics (NASDAQ:PTCT) to neutral, citing a recent recommendation by a European Medicines Agency advisory committee that conditional approval for its Duchenne muscular dystrophy drug Translarna not be converted to full approval.
Citi said that given the negative opinion by EU regulators, it sees “limited opportunities to drive upside in the near-term.” Until the market gets more clarity on the impact of the decision on the company’s DMD franchise, the stock will likely be kept range-bound, albeit volatile, in the coming months.
The investment bank lowered it price target to $29 from $55.
