Baird Reiterates Bullish View on Sarepta (SRPT) as ESSENCE Starts Dosing
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Baird analyst Brian Skorney reiterated an Outperform rating and $102 PT on Sarepta Therapeutic (NASDAQ: SRPT) after the company announced that dosing has started in the Phase 3 ESSENCE study of SRP-4045 and SRP-4053.
Skorney commented, "The one-of-a-kind study is testing two separate exon-skipping agents with the same backbone as eteplirsen in exon 45/53 amenable patients, which comprise about another 16% of DMD patients. ESSENCE, a placebo-controlled, 96-week study, also has potential to be confirmatory of the benefit provided by eteplirsen. If the trial is successful, it could mean more than doubling of Sarepta’s addressable population in the next few years."
Shares of Sarepta Therapeutic closed at $62.24 yesterday.
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