Sarepta Therapeutic (SRPT) PT Raised Sharply to 'Street High' $108 at RBC Capital
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RBC Capital analyst Simos Simeonidis reiterated an Outperform rating and raised his price target on Sarepta Therapeutic (NASDAQ: SRPT) to $108.00 (from $83.00) after a survey of 100 neurologist and call with three neurologists who treat DMD to discuss the results of the survey.
Simeonidis commented, : Based on the results from the 100 neurologist survey we published yesterday and on today’s investor call with three DMD KOLs (see below for key takeaways), we have adjusted our revenue model for EXONDYS 51. We are using higher penetration rates and earlier peak sales, to reflect what we expect will be a very successful launch, once the logistics of reimbursement are slowly ironed out for patients in the first 2-3 quarters. Given the product’s broad label, its apparent safety (thus far) and the understandable urgency of the DMD patient community to gain immediate access to this agent, we don’t expect reimbursement to end up being a significant issue; similar to what the KOLs on our call stated and contrary to the concerns expressed in our survey. We have made similar adjustments to our projections in the revenue models for Sarepta’s follow-on agents under development, which we have probability-adjusted based on their stage of development (33%-50%)."
Shares of Sarepta Therapeutic closed at $59.10 yesterday.
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