Sarepta (SRPT) PT Raised to $76 at Oppenheimer Amid Eteplirsen Approval
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Oppenheimer analyst Michelle Gilson reiterated an Outperform rating and raised her price target on Sarepta Therapeutic (NASDAQ: SRPT) to $76.00 (from $60.00) after the FDA announced the approval of eteplirsen (EXONDYS 51) for the treatment of all boys with DMD amenable to Exon 51 skipping.
Gilson commented, "Eteplirsen's approval is in line with our expectations, though the label is more inclusive than we had anticipated. We reiterate our Outperform rating and raise our 12-18-month price target for SRPT shares to $76 from a previous $60. We anticipate eteplirsen revenues to begin in 4Q16 and update our launch estimates to reflect label, post-marketing requirements, and launch delay—a result of the approval delayed beyond our previous expectations (August 2016 launch). Sarepta will also receive a Rare Pediatric Disease Priority Review voucher, which could be worth up to $350M. We continue to model a 4Q16 financing to support launch."
Shares of Sarepta Therapeutic closed at $28.15 yesterday.
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