Baird Says No Change to Sarepta (SRPT) Outlook Amid Anthem Slight

October 7, 2016 1:06 PM EDT
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Price: $47.98 -2.18%

Rating Summary:
    16 Buy, 8 Hold, 1 Sell

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Baird analyst Brian Skorney said their is no change to his outlook on Sarepta Therapeutic (NASDAQ: SRPT) amid news Anthem, the nation's second-largest insurer by number of covered lives, issued a coverage policy this morning categorizing Exondys 51 as "not medically necessary."

"We want to caution reading too much into this coverage decision, as this does not mean that Anthem is not covering the drug," the analyst said. "So far, the nation's other large insurers (United, Cigna, Humana) appear to have favorable coverage for the drug."

The firm reiterated an Outperform rating and price target of $102 on SRPT.

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

Shares of Sarepta Therapeutic closed at $61.74 yesterday.

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