Citi analyst Joel Beatty, while conceding the FDA is unlikely to approve Translarna after yesterday's 10-1 panel vote in favor of needing more data, recommends buying shares of PTC Therapeutics (PTCT) today on the sell-off. He believes the stock no longer prices in any value for U.S. Translarna sales.

Data next week for PTC's spinal muscular atrophy drug RG7916 is likely to be favorable, which will trigger a $20M milestone payment from Roche (RHHBY), Beatty tells investors in a research note titled "Don't Let the Negative Vote Be a Distraction; SMA Data Next Week."

The analyst feels PTC looks attractive from a valuation perspective. He cut his price target for the shares to $24 from $28 and keeps a Buy rating on the name. PTC closed Wednesday at $17.46 and was halted yesterday for the FDA panel meeting.