It should settle higher once people realize the facts.
$225- 250 per share.
Bet on it!
GSK or AMGN can buy BIIB at $400 per share
Barclays Thinks PTC Therapeutics Has 234% Upside
7:16 am ET October 16, 2015 (Benzinga) Print
PTC Therapeutics, Inc. (NASDAQ: PTCT) shares have plunged 40 percent year-to-date, and are trading close to the lower end of their 52-week range of $24.63 - $78.72.
Barclays’ Geoffrey Meacham maintained an Overweight rating on the company, with a price target of $100.
Meacham believes that Translarna would get approval, lending upside to the company’s shares.
PTC Therapeutics announced results from the Phase III ACT study of Translarna, or ataluren, in Duchene Muscular Dystrophy [DMD] patients with nonsense mutations.
Analyst Geoffrey Meacham said that although the trail did not achieve statistical significance on the 6MWT across the ITT, it demonstrated a highly significant benefit across a pre-specified subgroup, and also when pooled with prior Phase IIb data.
“Overall, while clearly not a home run, we view the data as supportive of FDA approval for Translarna in DMD given the major unmet need and the apparently favorable environment at FDA for DMD drugs; indeed, these randomized, controlled data look more compelling than those for BioMartin and Sarepta, in our view,” Meacham wrote.
He added, however, that the latest DMD data was “mixed enough” such that broader read-through is unlikely to other Translarna indications, like cystic fibrosis.
Based on the data, the company intends to submit the results to the EMA and the FDA as part of its rolling submissions by yearend 2015. “Overall, we are encouraged by the data and would be buyers of PTC shares,” Meacham added.
Latest Ratings for PTCT DateFirmActionFromTo
Jul 2015JP MorganUpgradesNeutralOverweight May 2015Credit SuisseAssumesOutperform May 2015Roth CapitalDowngradesBuyNeutral
View More Analyst Ratings for PTCT
View the Latest Analyst Ratings
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
It was to be submitted 1st qtr of 2016, but based on the result, they are submitting NOW. I think it will be approved and when it does, this will shoot up to $150.
once FDA approves it. He said it is already selling in parts of Europe.
Remember both Canada and EU are reviewing the data favorably! Besides biotech is back!
"Prior to treatment, the patient's ECOG performance status deteriorated and she was essentially homebound with massive ascites and profound weakness," said Dr. Noa Efrat Ben-Baruch, Head of the Department of Oncology, Kaplan Medical Center, Rehovot, Israel and a co-author of the publication. "The patient began treatment with neratinib and within two months her performance status improved, she was able to resume normal daily activities and a CT scan performed showed a partial response that persisted for 11 months. Capecitabine was then added to neratinib and the patient's tumor again responded. This clinical response markedly improved the patient's performance status and quality of life. The treatment of this patient is an excellent example of collaboration between basic research, clinical application and biotechnology companies for the benefit of patients. With the advent of molecular profiling of patients with metastatic disease, such collaborations are of utmost importance for the development of new drug candidates outside of formal clinical trials."
At how much?
On September 9, 2015, Puma Biotechnology, Inc. was advised of the issuance by the United States Patent and Trademark Office of a Notice of Allowance for U.S. Patent Application 11/883,474 titled "Method for Treating Gefitinib Resistant Cancer." The patent application includes claims for a method for treating gefitinib and/or erlotinib resistant cancer by administering an irreversible epidermal growth factor receptor (EGFR) inhibitor.