Sarepta Therapeutic (SRPT) PT Raised to $66 at Wedbush
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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.
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