Wall Street's Augury: PTC Therapeutics
The trading levels of PTC Therapeutics, Inc. (PTCT) exploded in the right direction on Friday's market activity, after the company reported that following its request for re-examination, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has adopted a positive opinion regarding PTCT's application for a conditional marketing authorization of Translarna(TM) (ataluren) for the treatment of nonsense mutation Duchenne muscular dystrophy in ambulatory patients aged five years and older.
The CHMP opinion will form the basis for a European Commission decision as to whether to formally grant the conditional marketing authorization. The European Commission will review the positive opinion from the CHMP and generally delivers its final decision within three months.
The conditional marketing authorization would authorize PTCT to market Translarna with unified labeling in the 28 countries that are Member States of the European Union, as well as European Economic Area members Iceland, Liechtenstein and Norway.
Primarily affecting males, Duchenne muscular dystrophy (DMD) is a progressive muscle disorder caused by the lack of functional dystrophin protein. Dystrophin is critical to the structural stability of skeletal, diaphragm, and heart muscles. Patients with DMD, the more severe form of the disorder, lose the ability to walk as early as age 10 and experience life-threatening lung and heart complications in their late teens and twenties.
PTCT's Translarna is a protein restoration therapy designed to enable the formation of a functioning protein in patients with genetic disorders caused by a nonsense mutation.
Brokerage firm Credit Suisse has raised its price target on PTCT from $35.00 to $40.00 per share
PTC Therapeutics, Inc. (PTCT) is a biopharmaceutical company focused on the discovery and development of orally administered, proprietary small molecule drugs that target post-transcriptional control processes.
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