Truist Initiates PTC Therapeutics (PTCT) Coverage with Buy Rating on Drug Launches

PTC Therapeutics, Inc. (NASDAQ:PTCT) is one of the 10 biotech stocks screaming a buy. On June 17, analysts at Truist Securities initiated coverage of the stock with a ‘Buy’ rating and an $80 price target. The research firm remains bullish about the company’s prospects ahead of the launch of two key drugs.

A biopharmaceutical team in a laboratory analyzing new compounds to develop therapeutics.

The research firm expects the two new drugs to act as catalysts for the biopharmaceutical company. The two drugs are sapropterin for phenylketonuria (PKU) and vatiquinone for Friedreich’s ataxia (FA). The two drugs are slated for release in July and August, respectively.

Truist Securities expects the two drugs to generate more than $2 billion in peak sales, which makes it believe the stock is undervalued at current levels. In addition to the two drugs, the research firm has echoed PTC Therapeutics’ promising pipeline, especially PTC518, for Huntington’s disease.

Consequently, Truist Securities expects the launch of two new drugs and the development of the pipeline to help offset concerns related to Translarna’s (ataluren) performance in Duchenne muscular dystrophy (DMD).

PTC Therapeutics, Inc. (NASDAQ:PTCT) is a global biopharmaceutical company focused on developing and commercializing therapies for rare diseases. It discovers and develops treatments that benefit patients with unmet medical needs, particularly in para-genetic disorders.

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