Reaction Is Overdone For PTC Therapeutics Pausing Huntington Trial Enrollment, Analyst Says

Vandana Singh

Wed, Oct 19, 2022, 3:02 PM1 min read

In this article:

Earlier today, the FDA requested additional data to allow a 12-week portion of the Phase 2 PIVOT-HD study evaluating PTC Therapeutics Inc's (NASDAQ: PTCT) PTC518 for Huntington's disease.
The additional requirement comes for the trial in the U.S.
Cantor Fitzgerald reiterates its Overweight rating and price target of $69.
After speaking with management, Cantor believes that the stock reaction was likely knee-jerk, and the company highlighted that the situation was not a clinical hold.
PTCT was also confident around potential timelines, guiding for 12-week data in 1H of 2023.
The analyst still sees potential value-creating catalysts in the near term and believes that PTCT has a mix of commercial- and clinical-stage opportunities.
"We believe multiple clinical opportunities could be future revenue drivers for PTCT. Additionally, management has guided multiple data readouts, including Phase 3 data for PTC923 in phenylketonuria by YE22, which we view as a key investor focus," the analyst added in the note.
Price Action: PTCT shares are down 8.68% at $44.55 on the last check Wednesday.

Latest Ratings for PTCT

Date	Firm	Action	To
Feb 2022	JP Morgan	Maintains	Overweight
Feb 2022	Barclays	Maintains	Equal-Weight
Oct 2021	Raymond James	Maintains	Outperform

View More Analyst Ratings for PTCT

View the Latest Analyst Ratings

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

The Headache at the End of the Costco Gold Rush
Costco made buying a gold bar as simple as tossing it in a shopping cart. Adam Xi, 33 years old, called five different dealers to get a price he could accept for the gold bar he bought at Costco in October. Costco shoppers are spending as much as $200 million monthly on gold, according to a Wells Fargo estimate.
The Wall Street Journal•14h ago
Why Nvidia Stock Plunged 10% Today
Super Micro Computer's lack of a preliminary earnings report led to a bloodbath in the sector.
Motley Fool•5h ago
California loses 2 more property insurers in growing crisis
Two more property insurance companies are pulling out of California, leaving more homeowners in the state facing loss of coverage and surging premiums as insurers flee.
Fox Business•9h ago
Don't buy the dip in stocks just yet as a wave of selling is about to bring the market to a bottom, according to one of the biggest bulls on Wall Street
The S&P 500 could bottom out in the next month, according to Fundstrat's head of research Tom Lee.
Business Insider•1d ago
Super Micro Stock Plunges 23% On Lack Of Preliminary Results. It's A Big Sell Signal.
Super Micro stock fell hard after the data-center computer specialist didn't announce preliminary results for its fiscal Q3.
Investor's Business Daily•6h ago
Time to Pounce: 2 Superb Utility Stocks That Haven't Been This Cheap in at Least 10 Years
One of the fastest-growing utility stocks, along with "Wall Street's Greatest Dividend Stock," make for phenomenal buys right now.
Motley Fool•17h ago
Why Semiconductor Stocks Were Smacked Down Today
The high-flying sector caught a bit of gloom at the end of the week due to several discouraging developments.
Motley Fool•3h ago
Trump Media CEO Decries Naked Short Selling; Citadel Fires Back, Stock Rises
Shares of Truth Social's parent rose in another volatile session, extending a roller-coaster stretch of trading for Donald Trump's social-media startup. On Thursday, Trump Media Chief Executive Devin Nunes sent a letter to Nasdaq CEO Adena Friedman asking her to help prevent illegal naked short selling and to make sure trading firms disclose their short positions.
The Wall Street Journal•6h ago
Magnificent Seven Stocks To Buy And Watch: Nvidia Stock Dives Below Key Level
Magnificent Seven stocks, including AI leader Nvidia, are among the best stocks to buy and watch in today's stock market.
Investor's Business Daily•7h ago
Jamie Dimon Knew Subprime 'Could Go Up In Smoke'; Now He's Worried About An Artificial Economy 'Fueled by Government Deficit Spending'
In the chaos of the 2008 recession, perhaps no bank stood more prepared than Jamie Dimon's J.P Morgan Chase & Co. (NYSE:JPM). In advance of the crisis, Jamie Dimon realized that "underwriting standards were deteriorating across the industry," with late payments on subprime loans rising. In late 2006, the bank led his firm to exit Wall Street's hot subprime business, starting with a frantic call made to J.P. Morgan's vacationing Chief of Securitized Products where he said, "I really want you to w
Benzinga•1d ago

News

Life

Entertainment

Finance

Sports

New on Yahoo

Yahoo Finance

Reaction Is Overdone For PTC Therapeutics Pausing Huntington Trial Enrollment, Analyst Says

Latest Ratings for PTCT

Recommended Stories

The Headache at the End of the Costco Gold Rush

Why Nvidia Stock Plunged 10% Today

California loses 2 more property insurers in growing crisis

Don't buy the dip in stocks just yet as a wave of selling is about to bring the market to a bottom, according to one of the biggest bulls on Wall Street

Super Micro Stock Plunges 23% On Lack Of Preliminary Results. It's A Big Sell Signal.

Time to Pounce: 2 Superb Utility Stocks That Haven't Been This Cheap in at Least 10 Years

Why Semiconductor Stocks Were Smacked Down Today

Trump Media CEO Decries Naked Short Selling; Citadel Fires Back, Stock Rises

Magnificent Seven Stocks To Buy And Watch: Nvidia Stock Dives Below Key Level

Jamie Dimon Knew Subprime 'Could Go Up In Smoke'; Now He's Worried About An Artificial Economy 'Fueled by Government Deficit Spending'