BofA⬆️ $PTCT to Buy-$68 was Neutral-$55, said "We raise our rating for $PTCT shares to Buy with new $68 PO as we update our model estimates for the PKU (rare metabolic disease) program now estimating $788mn in peak risk-adj. sales (30% of our NPV).
$LRMR $BIIB
BofA added:
"We highlight recent KOL checks in PKU indicate sepiapterin will likely be approved given the high unmet treatment need.
While usage expectations vary, we note general consensus assumes initial usage in SoC non responders, which we note is the majority of the PKU population (~70%).
We will continue to poll our KOLs ahead of the July 29th PDUFA to understand potential uptake dynamics as well as expectations for early payor coverage dynamics.
We also highlight the company's strong balance sheet (net cash: ~ $1.7bn) and current commercial sales
provides a floor to valuation, contributing $31/sh to our PO."
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TD Cowen⬆️the PT on $PTCT to $60 was $50 following the FDA's NDA Acceptance and Priority Review for Vatiquinone
$LRMR $BIIB
TD Cowen said in its note:
"The NDA for vatiquinone in Friedreich's ataxia was accepted for review with an Aug 19 PDUFA.
Our FA KOL has become more constructive on the program after longer-term analyses vs. a NH comparator showed benefit on the mFARS.
Given the unmet need in the pediatric population, our KOL anticipates rapid uptake in this population, if approved. Our SOTP-PT moves to $60 for this potential."
