Courtesy of Benzinga.
PTC Therapeutics, Inc. (NASDAQ: PTCT) shares are trading lower by $3.81 (28.7 percent)) at $9.46 in Monday’s session. The catalyst for the decline is the report of a denial of a regulatory update from the FDA on Translarna for nonsense mutation DMD.
The company does plan to escalate the appeal to the next supervisory level of the FDA.
Investors are not waiting around to see how the appeal process unfolds. After a sharply lower open ($10.30 vs. Friday’s close of $13.27), it could only rally a dime to $10.30 before sellers engulfed the issue.
The ensuing decline pierced its September 20 low ($9.04), but has found intra-day support above the pair of lows from September 15 ($8.64) and September 16 ($8.60), only reaching $8.83.
Since making that low, it has found intra-day resistance at the $9.50 area.
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