Barclays has opened coverage on PTC Therapeutics (NASDAQ: PTCT), assigning an Overweight rating and setting a price objective of $119.00. The broker's target implies a sizable upside relative to the stock's recent price of $75.49 and applies to a company with a market capitalization of roughly $6.1 billion.
In its research note, Barclays emphasized the commercial prospects for PTC’s phenylketonuria - PKU - treatment, forecasting that the asset could deliver more than $2 billion in peak annual sales. The firm suggested the market is currently undervaluing that opportunity and projected Sephience would outperform beginning in 2026 and thereafter.
Barclays also pointed to PTC’s Huntington’s disease - HD - programs as potentially material contributors to long-term growth, and highlighted that regulatory milestones tied to these and other programs could act as catalysts for the stock this year. The bank noted that current market expectations for these regulatory developments are low, framing the potential as upside to consensus.
The firm’s view meshes with recent company-reported metrics. PTC disclosed unaudited fourth-quarter global revenue of $92.5 million for Sephience. For full-year 2025, the company reported total product and royalty revenue of approximately $823.4 million, which exceeded its prior guidance. Product revenue alone was about $587.8 million for the year.
Adding to its commercial progress, PTC announced that the Japanese Ministry of Health, Labor and Welfare granted approval for Sephience to treat phenylketonuria in both children and adults. That approval represents PTC’s first product authorization in Japan.
Multiple sell-side firms have recently updated their views and targets for the stock. Goldman Sachs raised its price target to $55 from $50 while retaining a Sell rating. RBC Capital downgraded PTC from Outperform to Sector Perform but lifted its price target to $91.00. Cantor Fitzgerald maintained an Overweight rating and a $118.00 price target following meetings with the company’s management.
Barclays’ initiation reframes the investment case around Sephience’s commercialization trajectory and the potential for regulatory milestones to shift market expectations. The bank’s $119 target and Overweight stance reflect confidence in the PKU opportunity as a primary earnings driver and in the strategic value of the company’s pipeline assets for future growth.
Context and implications
Barclays’ assessment singles out Sephience as the cornerstone for PTC’s near-term revenue expansion and identifies additional pipeline readouts as possible stock catalysts. The firm’s narrative implies that if Sephience reaches the forecasted peak sales and if regulatory progress on HD treatments materializes above current expectations, the stock could reprice toward the new target.
At the same time, other analysts differ on valuation and near-term outlook, as illustrated by the range of price targets and ratings from Goldman Sachs, RBC Capital, and Cantor Fitzgerald referenced above. These divergent views underscore ongoing debate among institutional investors about how to value PTC’s revenue ramp and pipeline optionality.
Full financial callouts
- Sephience Q4 unaudited global revenue: $92.5 million.
- 2025 total product and royalty revenue: approximately $823.4 million, above prior guidance.
- 2025 product revenue: approximately $587.8 million.
- Sephience approved in Japan for PKU in children and adults - PTC’s first product approval in Japan.