UPDATE: Bank Of America Reiterates On PTC Therapeutics On Positive Outlook

In a report published Monday, Bank of America analyst Tazeen Ahmad reiterated a Buy rating on

, but lowered the price target from $50.00 to $48.00. In the report, Bank of America noted, “We rate PTCT shares Buy. We use what we view as conservative assumptions for our sales ramp estimates for the key pipeline product ataluren in both the DMD and CF indications. Our view of ataluren's favorable safety profile, focus on rare disease categories with undermet need, lack of near term competition and expected near-term EU launch provide allows us to arrive at an NPV for PTCT shares that is significantly above the stock's current valuation.” PTC Therapeutics closed on Friday at $34.59.