PTC Therapeutics Inc. (NASDAQ:PTCT) shares are tumbling on Wednesday, after the company reported topline results from the 24-month interim analysis of its PIVOT-HD long-term extension study.
According to a media report, the stock declined on concerns that the FDA may not grant accelerated approval based on the current data set.
PTC Therapeutics PIVOT-HD Update: What Drove PTCT Stock Lower
The interim analysis indicated a dose-dependent benefit on the Composite Unified Huntington’s Disease Rating Scale (cUHDRS) for Stage 2 participants, with a notable 52% slowing at the 10 mg dose, and 28% at the 5 mg dose.
The rare disorder-focused company said signals of favorable treatment effects relative to natural history were recorded across the cUHDRS subscales for the 10 mg cohort.
In addition, there were no treatment-related neurofilament light chain protein (NfL) increases, and mean NfL levels remained below baseline at 24 months for both high and low dose cohorts – in contrast to the reported natural history that NfL levels increase over time.
In Stage 3 participants, potential signals of slowing of progression were observed at 24 months.
The safety data at Month 24 for both dose levels and both stages were consistent with the previously established evidence of favorable safety.
Additionally, Novartis AG (NYSE:NVS) initiated a global Phase 3 INVEST-HD study of votoplam, which is expected to further evaluate the drug’s efficacy.
The primary endpoint will be the change from baseline up to month 36 in the cUHDRS. The INVEST-HD study is sponsored and funded by Novartis.
PTCT Technical Analysis: Trend, Momentum And Key Levels
PTC Therapeutics is currently trading within a 52-week range that spans from $35.95 to $87.50, indicating it is positioned closer to the lower end of this range.
The stock is trading 8.9% below its 20-day simple moving average (SMA) and 10.9% below its 100-day SMA, suggesting a bearish short-term trend as it struggles to maintain upward momentum.
The relative strength index (RSI) is at 52.34, indicating a neutral momentum state, which suggests neither overbought nor oversold conditions currently prevail.
The moving average convergence divergence (MACD) is below the signal line, indicating bearish momentum, and the histogram is negative, suggesting that selling pressure may be building.
- Key Resistance: $69.00 — A significant level where upward movements have previously stalled.
- Key Support: $61.50 — A critical level that could provide buying interest if tested.
PTCT Stock Price Activity: PTC Therapeutics shares were down 9.08% at $63.88 at the time of publication on Wednesday, according to Benzinga Pro data.
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