Sarepta Therapeutic (SRPT) Target Ratcheted Higher at Needham & Company

April 21, 2014 10:49 AM EDT
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Price: $32.66 --0%

Rating Summary:
    17 Buy, 10 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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Needham & Company analyst Chad Messer, Ph.D reiterated a Buy rating on Sarepta Therapeutic (NASDAQ: SRPT) and boosted his price target from $36 to $52 after a path to accelerated approval of was reached with the FDA.

"Based on a guidance letter recently received from the FDA, Sarepta expects to file an NDA for eteplirsen in Duchenne's muscular dystrophy (DMD) by year end. This development opens up the possibility of a 2015 approval, exceeding our previous assumptions by a year," Messer said.

He added, "Our previous $36 target was based on a conservative scenario for eteplirsen approval that assumed an additional confirmatory study in exon 51 patients would need to be completed before NDA filing making approval unlikely before 2H:16. We now look for a potential 2H:15 approval. We additionally point out that the regulatory risk for Sarepta is substantially lower given clear FDA guidance."

For an analyst ratings summary and ratings history on Sarepta Therapeutic click here. For more ratings news on Sarepta Therapeutic click here.

Shares of Sarepta Therapeutic closed at $24.40 yesterday.

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