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Investing.com - PTC (NASDAQ:PTC) Therapeutics (NASDAQ:PTCT), a biopharmaceutical company with a market capitalization of $3.94 billion and impressive revenue growth of 91% over the last twelve months, received a price target increase from Truist Securities on Tuesday, following the approval of its drug Sephience for phenylketonuria (PKU). According to InvestingPro analysis, the company maintains a "GREAT" overall financial health score.
Truist raised its price target on PTC Therapeutics to $86.00 from $80.00 while maintaining a Buy rating. The adjustment comes after the company announced Sephience’s approval with what Truist called "the broadest label possible," covering patients from one month of age and older. InvestingPro data shows analyst targets ranging from $40 to $80, with the stock currently trading at fair value based on proprietary Fair Value calculations.
The firm noted that recent physician checks indicate "pent-up demand" for the treatment, as diet liberalization remains the top wish for PKU patients. Positive data from the Phase 3 APHENITY OLE diet liberalization sub-study may support strong uptake of the drug.
PTC Therapeutics has set U.S. pricing for Sephience at approximately $492,000 WAC (wholesale acquisition cost), significantly higher than Truist’s previous estimate of about $400,000. The company reported favorable payor feedback and has no plans for free sampling.
Truist projects peak worldwide sales of $1.5 billion for Sephience, including $1 billion in U.S. sales by 2038, though the firm suggested these estimates "may prove conservative" given the drug’s strong market position.
In other recent news, PTC Therapeutics has received FDA approval for its drug Sephience (sepiapterin) to treat phenylketonuria (PKU) in both adults and children as young as one month. This approval requires the use of a phenylalanine-restricted diet and covers all subtypes of the disease, enhancing the drug’s market potential. Following this development, UBS increased its price target for PTC Therapeutics from $71.00 to $80.00, while maintaining a Buy rating on the stock. The firm cited the FDA approval as a key factor for the revised target.
Additionally, Evercore ISI reiterated its Outperform rating for PTC Therapeutics after the European Union also approved Sephience. This EU approval is seen as a significant milestone for the company. Prior to the FDA’s decision, UBS had already reiterated a Buy rating based on discussions with medical experts familiar with PKU treatment options. These recent developments highlight the growing confidence in PTC Therapeutics’ treatment for PKU.
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