Sarepta (SRPT) Bullish View Reiterated at Needham & Company on Expanded European DMD Pipeline
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Needham & Company analyst Chad Messer reiterated a Buy rating and $81 price target on Sarepta Therapeutic (NASDAQ: SRPT) as the company expands its European DMD pipeline with the ezutromid deal.
Messer commented, "Sarepta is acquiring EU rights to Duchenne's muscular dystrophy (DMD) treatment ezutromid from Summit Therapeutics for $40M upfront. While we do not forecast ezutromid approval until at least 2019, the deal gives SRPT another shot on goal and we believe helps establish it as a leader in DMD therapy. Perhaps as important, we expect the collaboration to accelerate development of combination therapies which we expect will become the standard of care in DMD in the future. Notably, Sarepta also recently signed a collaboration agreement with Catabasis to study their NF-kB targeted DMD therapy in combination with Exondys 51. We maintain our Buy rating and $81 price target. Separately, we introduce a new model for US Exondys launch."
Shares of Sarepta Therapeutic closed at $62.35 yesterday.
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