PTC Therapeutics downgraded at RBC as Sephience sales priced in

 

• RBC Capital Markets has downgraded PTC Therapeutics (PTCT) to sector perform from outperform, saying that its current share price already factors in sales from hyperphenylalaninemia treatment Sephience (sepiapterin).
• The firm, however, increased its price target to $91 from $82 (~6% upside based on Nov. 28 close).
• Analyst Brian Abrahams said that although Sephience has done well since its launch earlier this years, shares are up ~75% in the last three months. 
• "While we could see some additional momentum for shares, particularly if they beat on 4QE, which now looks more likely to us, with Sephience at a $7.5B market cap, now reflecting ~4x peak adjusted sales, we see less room for significant additional appreciation," he noted.
• Abrahams added that a proprietary survey of 15 physicians who treat patients with sepiapterin-responsive phenylketonuria (PKU) found that two-thirds of them have patients on the treatment, with ~20% of their total patients on Sephience.

https://www.msn.com/en-us/money/markets/ptc-therapeutics-downgraded-at-rbc-as-sephience-sales-priced-in/ar-AA1RuXrG