Today’s Research Reports on Stocks to Watch: PTC Therapeutics and Organovo
Despite downward pressure from the Energy Sector, U.S. markets rose Wednesday as investors eagerly await a trio of events, Britain’s general election, the European Central Bank’s policy meeting and testimony from former FBI Director James Comey’s in front of a Senate panel, on Thursday. The Dow Jones Industrial Average gained 0.18 percent to close at 21,173.69, up 7.14 percent year-to-date, while the S&P 500 Index gained 0.16 percent to close at 2,433.14, up 8.68 percent year-to-date.
“What we have tomorrow and next week is what is driving everything right now,” said Mark Kepner, managing director of sales and trading at Themis Trading. “Combine that with the Fed meeting next week and that’s a lot of uncertainty for the market.”
RDI Initiates Coverage on:
PTC Therapeutics, Inc.
Organovo Holdings Inc.
PTC Therapeutics’ shares spiked 8.11 percent to close at $15.47 a share on Wednesday. The stock traded between $14.41 and $15.90 on volume of 1.71 million shares traded. On June 6th, PTC Therapeutics announced the tentative scheduling of a Peripheral and Central Nervous Systems Drugs Advisory Committee meeting to review the company’s new drug application (NDA) for ataluren, a potential treatment of nonsense mutation dystrophinopathy, on September 28, 2017. “The Company’s NDA submission for ataluren was granted standard review by the FDA on March 6, 2017. The FDA set a Prescription Drug User Fee Act (PDUFA) goal date of October 24, 2020 for completion of its review of the ataluren NDA.”, PTC Therapeutics stated in the press release. Shares of PTC Therapeutics have gained approximately 41.8 percent year-to-date.
Access RDI’s PTC Therapeutics Research Report at:
Organovo’s shares declined 1.39 percent to close at $2.83 a share on Wednesday. The stock traded between $2.78 and $2.93 on volume of 1.20 million shares traded. The company reported total revenues were $0.8 million for the fourth quarter of fiscal 2017, an increase of 48 percent year-over-year. Net loss was $10.7 million, or $0.10 per share, for the fiscal fourth quarter of 2017, compared to a net loss of $8.4 million, or $0.09 per share, in the same quarter a year ago. Shares of Organovo have fallen approximately 16.52 percent year-to-date.
“Fiscal 2017 was a year of significant commercial progress for Organovo, as we grew total revenue 185% and achieved many important scientific targets,” said Taylor J. Crouch, CEO, Organovo. “We issued our outlook today for fiscal 2018 total revenue, which represents a robust increase in sales led by growth in tissue research services. In addition to our established work in the toxicology space, we’re seeing strong customer demand for compound screening in disease models, including key areas such as liver fibrosis and non-alcoholic steatohepatitis (“NASH”).”
Access RDI’s Organovo Research Report at:
Our Actionable Research on PTC Therapeutics, Inc. (NASDAQ:PTCT) and Organovo Holdings Inc. (NASDAQ:ONVO) can be downloaded free of charge at Research Driven Investing.
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