Sarepta Therapeutic (SRPT) Target Ratcheted Higher at Needham & Company
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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."
Shares of Sarepta Therapeutic closed at $24.40 yesterday.
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