Farkas' Departure a Positive for Sarepta (SRPT) Eteplirsen Approval - Oppenheimer
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Oppenheimer's Sarepta Therapeutic (NASDAQ: SRPT) analyst Michelle Gilson said their checks suggest that Ronald Farkas, MD, PhD, has indeed left the FDA; additionally, he is no longer listed in the HHS employee directory.
They view this as a positive signal for eteplirsen approval, recalling Dr. Farkas was the team leader who led the review of eteplirsen, and was largely regarded as an antagonistic figure at eteplirsen's advisory committee in May.
Gilson notes the DMD community and experts were particularly inflamed by comments regarding patient effort in the trial and the review's treatment of the data set as if it were not from a rare disease setting.
Contrarily, they would have viewed a promotion for Farkas or departure of a more supportive figure (i.e., Woodcock) as a negative signal for eteplirsen approval.
The firm reiterated an Outperform rating and price target of $60 on SRPT.
Shares of Sarepta Therapeutic closed at $25.60 yesterday.
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