Sarepta Therapeutic (SRPT) PT Raised to $66 at Wedbush
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Wedbush analyst Heather Behanna reiterated an Outperform rating and boosted her price target on Sarepta Therapeutic (NASDAQ: SRPT) to $66.00 (from $36.00) after the FDA approved eteplirsen.
Behanna commented, "In line with our expectations after FDA asked for new data, eteplirsen has received accelerated approval from FDA. We anticipate rapid launch and uptake of EXONDYS 51, with peak US sales of ~ $425M as a floor; we see upside as boys grow older and remain on drug. We have lowered our discount rate for the program, driving our price target increase. We note Sarepta has received a priority review voucher (PRV) with approval, which we value for now at $300M ($5/share); in our view, this voucher can mitigate the need for future dilutive financing. We continue to recommend shares of Sarepta at these levels ahead of launch."
The analyst said Sarepta will launch EXONDYS 51 right away at an average net price of $300,000, lower than the firm's expected net price of $425,000; however, it is weight-based and we expect increased net pricing with time.
Shares of Sarepta Therapeutic closed at $48.94 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- PayPal (PYPL) PT Lifted to $48 at Mizuho Following Solid Q3
- Jefferies Cuts Price Target on Boston Beer Co. (SAM) to $140 Following Weak 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!