Credit Suisse Starts Sarepta Therapeutic (SRPT) at Outperform
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Credit Suisse initiates coverage on Sarepta Therapeutic (NASDAQ: SRPT) with a Outperform rating and a price target of $68.00.
Analyst Alethia Young commented, "Sarepta is an RNA-based therapeutics company currently focused on drug development in Duchenne Muscular Dystrophy (DMD). Sarepta received accelerated approval for its first drug in DMD called EXONDYS 51 to treat patients with a certain mutation that is about 13% of the total DMD patient population. The drug launch is currently underway and we estimate first sales in 4Q16. We are positive on Sarepta owing to (1) our positive expectation on the US EXONDYS 51 launch, (2) confidence of approval and IP settlement in Europe, and (3) early success with the Exon 53 program in mid-2017 (which could add another 8% of patients). Ultimately, this platform could treat up to 80% of patients with DMD if successful clinically."
The firm models US EXONDYS 51 Sales of ~$400M by 2020, they think ultimately US payers will support reimbursement.
Shares of Sarepta Therapeutic closed at $48.94 yesterday.
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