Bank of America Securities Lifts PT on PTC Therapeutics (PTCT) to $87 From $76

PTC Therapeutics, Inc. (NASDAQ:PTCT) is one of the most profitable biotech stocks to buy. On October 20, Bank of America Securities analyst Tazeen Ahmad maintained a Buy rating on PTC Therapeutics, Inc. (NASDAQ:PTCT), lifting the price target on the stock to $87 from $76.

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The analyst cited the solid initial demand for Sephience, which is the company’s newly approved treatment. A notable interest can be seen in the treatment according to a survey of geneticists and neurologists treating PKU patients, with several of them already prescribing it and anticipating a rise in prescriptions in the near future.

Ahmad stated that this early uptake is especially notable among patients who did not respond well to existing treatments such as Kuvan. He also cited the promising early trends in payor coverage, with a high percentage of initial prescriptions being covered.

PTC Therapeutics, Inc. (NASDAQ:PTCT) is a biopharmaceutical company that discovers, develops, and commercializes clinically differentiated medicines providing benefits to patients living with rare disorders.

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Disclosure: None. This article is originally published at Insider Monkey.