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

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 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.