Roth Capital Reiterates Buy On PTC Therapeutics As Ataluren Phase 3 Becomes Fully Enrolled
In a research note published yesterday, Roth Capital analyst Debjit Chattopadhyay reiterated a Buy rating on PTC Therapeutics (NADSAQ:PTCT) with a $43 price target, following the news that Ataluren phase 3 study is now fully enrolled. The implication of this is that there may now be an accelerated FDA approval for the drug.
Chattopadhyay wrote, “If positive, the ACT study should support full approval in the US and the EU. Recall that Translarna already has conditional approval in the EU and PTCT is in the process of negotiating reimbursements in various territories. The ACT study is a 48-week clinical program designed to confirm the effect of Translarna on ambulation in patients with nmDMD. The primary endpoint is the change in walking distance as measured by the six-minute walk test. The study has been powered to demonstrate a 30 meters difference compared to the placebo cohort. Recall that in the phase 2b study, post-hoc analysis in a similar subgroup of patients demonstrated a treatment benefit of 50 meters (N=63, p=0.0096) over placebo. All patients in the trial are eligible to participate in an open-label extension study. Note that open-label portion of the study is already underway and has been enrolling patients who have completed the initial 48 weeks of treatment.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Debjit Chattopadhyay has a total average return of 1.6% and a 30.8% success rate. Chattopadhyay has an 8.9% average return when recommending PTCT, and is ranked #1888 out of 3291 analysts.