Sarepta Therapeutic (SRPT) PT Raised to $81 at Needham & Company
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Needham & Company analyst Chad Messer reiterated a Buy rating and raised his price target on Sarepta Therapeutic (NASDAQ: SRPT) to $81.00 (from $47.00) following eteplirsen approval.
Messer commented, "The FDA has granted conditional approval to eteplirsen (Exondys 51) stating that data on dystrophin production was "reasonably likely to predict clinical benefit". We conclude from this statement that the Western blots from the 1st 13 PROMOVI subjects must have been convincing, which bodes well for the study as a whole as well as for the ongoing ESSENCE study. While the FDA approval letter to Sarepta contains some additional post approval requirements beyond our expectations, the prospect of commercial sales beginning shortly more than mitigates the added expense. While the regulatory saga at Sarepta may be over, we think the company's story as drug developers in DMD is just beginning. We reiterate our Buy rating and are raising our price target to $81."
Shares of Sarepta Therapeutic closed at $28.15 yesterday.
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