The Unusual Reason PTC Therapeutics, Inc. Is Bouncing Back Today
Despite a 10-1 advisory committee vote against PTC Therapeutics, Inc.'s (NASDAQ: PTCT) experimental Duchenne muscular dystrophy (DMD) drug Thursday, the stock is on the rise on Friday. A slight glimmer of hope the FDA might ignore the panel's recommendation, as it did a year ago for Sarepta Therapeutics (NASDAQ: SRPT), or eventually approve the drug, lifted the stock 12% higher as of 11:47 a.m. EDT Friday.
The FDA had already refused to file PTC's application for Translarna earlier this year citing a lack of evidence that the experimental drug provides a clinical benefit for DMD patients. Pre-meeting briefing documents released earlier this week confirmed that the Agency still wants more data, and the advisory committee panel backed the Agency up with a 10-1 vote against the drug on Thursday.
Image source: Getty Images.
Source: Fool.com