PTC Therapeutics ( NASDAQ: PTCT ), a biotech focused on rare disorders, traded sharply lower on Tuesday after Roche ( OTCQX:RHHBY ) ( OTCQX:RHHBF ), its partner for spinal muscular atrophy (SMA) therapy Evrysdi, reported Q3 2022 results.
According to a collaboration with Roche ( OTCQX:RHHBY ) and the SMA Foundation, PTCT is entitled to royalties on Evrysdi net sales.
First approved in 2020, Evrysdi is indicated for at-home use as a treatment for SMA. The Swiss pharma giant said prescription medicine added CHF 793M in sales during the quarter, as the strong demand for the treatment continued globally, led by the U.S. and Europe.
However, Barclays noted that the results should be neutral for PTCT and projected about $32.4M in royalty revenue for the company, in line with the estimates.
"The q/q growth was mainly driven by E.U., with modest growth in U.S. and flat sales in international and Japan," the analyst Gena Wang wrote.
Meanwhile, Cantor Fitzgerald has a "high conviction" on Phase 3 data PTCT plans to report for its phenylketonuria candidate PTC923 by the year-end.
However, its rival Synlogic ( SYBX ) reported positive data from a Phase 2 phenylketonuria trial on Tuesday, prompting Oppenheimer to raise the price target on the biotech.
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PTC Therapeutics falls as partner Roche reports Q3 sales for SMA therapy