Baird Remains Positive on Sarepta (SRPT) Amid New DMD Deal; Affirms at 'Outperform'

October 4, 2016 9:13 AM EDT
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Price: $31.09 -1.02%

Rating Summary:
    17 Buy, 10 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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Baird affirms Sarepta Therapeutics (Nasdaq: SRPT) at Outperform with a price target of $102 following a new licensing agreement with Summit Therapeutics (Nasdaq: SMMT).

Analyst Brian Skorney noted that there was no change to the firm's outlook on Sarepta following the deal.

Skorney also commmented, Sarepta and Summit Therapeutics (SMMT) announced a deal through which Sarepta earns European commercialization rights for Summit's utrophin modulation portfolio for $40M upfront and additional milestones. The deal is predicated on both potential to combine Summit's technology with Sarepta's internal exon-skipping agents and to expand Sarepta's reach in DMD into patients not amenable to exon skipping. Though we think the deal has interesting potential, near term we think this has more read-through to Sarepta's confidence in an eteplirsen approval in Europe.

For an analyst ratings summary and ratings history on Sarepta Therapeutic click here. For more ratings news on Sarepta Therapeutic click here.

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