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Investing.com - Cantor Fitzgerald raised its price target on PTC (NASDAQ:PTC) Therapeutics (NASDAQ:PTCT) to $120.00 from $112.00 on Tuesday, while maintaining an Overweight rating on the stock. The company, currently valued at $3.96 billion, has demonstrated strong financial performance with a P/E ratio of 6.34 and impressive revenue growth of 91% over the last twelve months.
The price target increase follows PTC Therapeutics’ announcement that its drug Sephience (sepiaptein) received FDA approval for phenylketonuria (PKU), a rare metabolic condition that involves the inability to process the amino acid phenylalanine. According to InvestingPro data, analysts expect continued sales growth this year, with 8 additional exclusive insights available to subscribers.
Sephience, an oral precursor to enzyme cofactor, received a broad label approval covering all disease subtypes for patients aged 1 month and older.
PKU is characterized by the body’s inability to process phenylalanine, an essential amino acid found in many foods.
PTC Therapeutics develops treatments for rare diseases, with this latest FDA approval expanding its portfolio of approved therapies.
In other recent news, PTC Therapeutics announced that the U.S. Food and Drug Administration (FDA) has approved its drug Sephience (sepiapterin) for the treatment of phenylketonuria (PKU). This approval includes broad labeling for treating hyperphenylalaninemia in both adult and pediatric patients aged one month and older, who are responsive to sepiapterin. Following this development, Truist Securities increased its price target for PTC Therapeutics to $86.00 from $80.00, maintaining a Buy rating. UBS also raised its price target for the company to $80.00 from $71.00, while reiterating a Buy rating. The approval of Sephience, which must be used alongside a phenylalanine-restricted diet, allows PTC Therapeutics to target a wide range of disease subtypes. These developments highlight the growing interest and positive sentiment from analysts regarding PTC Therapeutics’ recent progress.
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