Jul. 16 at 11:43 AM
Cantor⬆️
$PTCT to
$130, reitd OW/said--The top inbound we get from investors is how to think about PTCT's valuation, which has become even more topical following the company reaching its 52-week highs this month.
$BMRN OTSKY NVS
$QURE RHHBY WVE
Cantor added—With this report, we also newly incorporated a Japanese market model for Sephience, which leads to our new PT of
$130 from
$124.
Given the strength of the Sephience (PKU) launch and more votoplam (oral splicing modulator for Huntington's disease) PIVOT-HD data, we evaluated how various scenarios of these programs would affect our valuation of PTCT.
Big picture: our analysis showcases that Sephience's commercial potential is not fully reflected in PTCT's current valuation, even in our conservative model. We believe the market is fairly or slightly undervaluing the potential of votoplam on a low probability-adjusted basis, but see very positively skewed upside/downside stock movements making it an attractive pipeline asset to focus on.
