Concerns on Drisapersen Positive for Sarepta's (SRPT) Eteplirsen - Needham & Company

Needham & Company analyst Chad Messer said FDA concerns on BioMarin's drisapersen should be a positive for Sarepta Therapeutic (NASDAQ: SRPT) Eteplirse. The firm reiterated a Buy rating and price target of $55.

Messer commented, "The FDA released briefing documents for BioMarin's drisapersen this morning. The primary review team called the evidence supporting drisapersen efficacy "inconsistent" and were particularly concerned for the drug's lack of effect on dystrophin, the primary surrogate biomarker under consideration for accelerated approval. The review team also had concerns over drisapersen's safety profile and said it was not clear the drug had an acceptable risk-benefit profile. We believe the FDA's strongly worded concerns bode well for SRPT shares. The major weakness of the eteplirsen data set is its size, but we believe the consistent effects on dystrophin and 6MWT along with its clean safety profile give it an acceptable risk:benefit for accelerated approval. We reiterate our confidence in eteplirsen approval and our Buy rating 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 $26.07 yesterday.

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