NEW YORK (TheStreet) -- Oppenheimer lowered its price target on PTC Therapeutics (PTCT) - Get Report stock to $111 from $135 and reiterated its "outperform" rating on Thursday morning.

The reduced price target comes after the South Plainfield, NJ-based biopharmaceutical company received a "Refuse to File" letter from the FDA about its New Drug Application this week.

The letter was regarding its drug ataluren, which is used to treat Duchenne muscular dystrophy, a muscle disorder.

"We note (1) EU-regulators are unlikely to consider the FDA-RTF in their full-approval decision; (2) potential new NDA info requested in RTF is notreflective of FDA opinion/review of the drug," Oppenheimer said in an analyst note.

The firm recommends buying the stock based on current ex-U.S. sales and market opportunity despite U.S. approval-timeline uncertainty.

PTC is focused on the discovery, development and commercialization of orally administered, small molecule therapeutics for human diseases.

Shares of PTC are rising 3.28% to $10.88 on Thursday morning.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

This is driven by several weaknesses, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.

The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: PTCT

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