Sarepta (SRPT) PT Raised to $72 at Wedbush Ahead of US Launch of Exondys 51
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Wedbush analyst Heather Behanna reiterated an Outperform rating and boosted her price target on Sarepta Therapeutic (NASDAQ: SRPT) to $72.00 (from $66.00) ahead of the US Launch of Exondys 51.
Behanna commented, "With the first patient dosed with commercial Exondys 51 this week, we have built out our model to look at US potential penetration into each segment of boys amenable to therapy – younger boys, ambulant boys and nonambulant boys. We have adjusted our 2016 revenue down to $4.8M, but increased peak revenues to $439M from $420M assuming that by 2022, over 1000 boys, or ~80% of genotyped patients in the US, will be on therapy. We see recent concerns on reimbursement as overdone and believe that case by case, near all boys will be covered. We continue to like shares of Sarepta ahead of full Exondys 51 launch, and clarity on an EU regulatory path."
The believes the launch should have a rapid start, but logistical challenges remain. "In our view, there is near unprecedented awareness of Exondys 51 and we expect many families to be queued up for drug. However, we believe 4Q sales will be modest, as it could take 30-90 days for reimbursement and we believe it will take time for boys to schedule appointments for infusion. Although home infusions could be an option over time, we anticipate all boys will go to hospitals for infusions at the start, translating into a 23.1% discount across the board."
Shares of Sarepta Therapeutic closed at $57.89 yesterday.
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