Sarepta (SRPT) PT Raised to $47 at Needham & Company; Sees Upside to $60
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Needham & Company analyst Chad Messer raised his price target on Buy-rated Sarepta Therapeutic (NASDAQ: SRPT) to $47.00 (from $26.00), with upside to $60. Messer said "while we view the departure of FDA reviewer Dr. Ron Farkas as a potential positive for eteplirsen approval, we still believe the requested Western blot data from PROMOVI remains the critical deciding factor."
He added, "As a reminder, Western blot data from the original eteplirsen studies indicated an average increase of dystrophin of ~0.9%, which many FDA and Advisory Committee members found disappointing. However, there were issues with the way the blots were analyzed and a poor correlation between the original and a second analysis. We believe other evidence, such as a demonstration of consistent dystophin mRNA increases, support eteplirsen's mechanism and therefore are inclined to believe the PROMOVI samples will support approval."
They believe approval would justify a $3B+ market cap, or ~$60/share.
Shares of Sarepta Therapeutic closed at $25.60 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA, Hot FDA News
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