- Cantor Fitzgerald was quick to defend PTC Therapeutics ( NASDAQ: PTCT ) after the rare disease-focused biotech announced Tuesday a pause in enrollment in its Phase 2 PIVOT-HD trial for Huntington's disease candidate PTC518 in the U.S.
- The enrollment in the global trial designed to test up to three dose levels of PTC518 came to a halt as the FDA requested additional clinical data before moving to higher doses, Cantor analyst Kristen Kluska pointed out.
- Citing a discussion with the management, Kluska highlighted the company's view that the event was not a clinical hold, and PTCT expects to resume enrollment following initial data from the patients who are part of the ex-U.S. trial sites.
- The analyst, reiterating the Overweight rating and $69 per share target on the stock, argues that the selloff indicated a buying opportunity "as there are no specific issues at risk here."
- On Tuesday, Roche ( OTCQX:RHHBY ) ( OTCQX:RHHBF ), PTCT's partner for spinal muscular atrophy (SMA) therapy Evrysdi reported CHF 793M in sales for the treatment in Q3 2022, which Barclays noted should be neutral to the U.S. biotech.
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PTC selloff is overdone, Cantor says after pause in Huntington's disease trial