Sarepta Therapeutic (SRPT) Target Ratcheted Higher at Needham & Company
- Wall St falls as lower oil prices weigh on energy stocks
- ADP Employment Change (Aug) 177K vs 175K Expected
- Medivation (MDVN) Bidding War Was Hotter Than the Market Even Thought
- Palo Alto Networks (PANW) Reports In-Line Q4 EPS; Guides FY17 EPS Above Views; Approves $500M Stock Buyback
- Pre-Open Stock Movers 08/31: (CHS) (ININ) (VEEV) Higher; (AVAV) (PANW) (HRB) Lower (more...)
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."
Shares of Sarepta Therapeutic closed at $24.40 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: SkyPeople Fruit Juice (SPU) Halted on LUDP after Surge
- BMO Capital Cut Price Target on Abercrombie & Fitch (ANF) to $19 Following 2Q
- Needham & Company Raises Price Target on Exa (EXA) Following 2Q Earnings Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA, Momentum Movers, Trader Talk
Related EntitiesNeedham & Company
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!