Dark pool trades were detected in PTCT stock on February 3, 2020.
The dark pool orders look like buy orders. What it looks like is that the first dark pool buy order was made at 11:07 AM, valued at $6.2 million. PTCT stock continued to drop and another scale in buy order was made at 11:27 AM for an even larger amount valued at $7.6 million. The second scale in dark pool buy order was beautifully timed as it occurred near the low of day in PTCT stock. Please remember that dark pool orders are shrouded in secrecy and we don’t know if the dark pool trade was a buy or sell. We can only guess from available information.
Another reason we think the dark pool trades were buy orders is because of the bullish news catalyst today.
PTC Therapeutics announced real-world statistics showing that boys with nonsense mutation Duchenne muscular dystrophy treated with Translarna and standard of care maintained the ability to walk for years longer than those on SoC alone. Pulmonary function was also maintained in people treated with Translarna. Additionally, no new safety signals were detected in the patients treated with Translarna, consistent with what’s been demonstrated in clinical trials. The interim data are published in the Journal for Comparative Effectiveness Research.
Children treated with Translarna at a real-world setting as part of the STRIDE recorder could walk independently for an additional 3.5 years compared with a propensity-score matched cohort from the CINRG natural history study, with a median age at loss of ambulation of 14.5 years and 11 years, respectively. Further investigations from the registry shown that Translarna sustained the ability of boys with Duchenne to complete everyday tasks by years compared with the natural history cohort. Additionally, the study showed a trend toward delayed worsening of pulmonary function in routine clinical practice for patients treated with Translarna, in comparison to the matched patients at CINRG. However, the authors say it is premature to draw firm conclusions from these results.
On January 23, 2020, Cantor Fitzgerald analyst Alethia Young raised her price target for PTC Therapeutics (PTCT) to $81 from $60, while maintaining an Overweight rating on the shares. The analyst notes that Roche (RHHBY) has declared that the pivotal FIREFISH analysis of risdiplam in Type 1 spinal muscular atrophy met the primary endpoint. Young believes the data is exceptionally robust and meaningful for patients with SMA, particularly the Type 2 and 3 patients, and raised the probability of success for risdiplam to 100% from 75%. She’s confident in May, approval or sooner based on the information created between FIREFISH and SUNFISH, and believes that an oral medication is a game changer in this population taking intrathecal injections.