Sarepta Therapeutics (SRPT): Cash Enough To Reach Profitability - Oppenheimer
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Oppenheimer analyst, Michelle Gilson, reiterated her Outperform rating on shares of Sarepta Therapeutics (NASDAQ: SRPT) after the company reported 3Q16 financial results, ending the quarter with $395M in cash, which she estimates is sufficient to fund operations into profitability.
She views recent concerns over reimbursement of EXONDYS 51 (approved September 19) as overblown, given the early stage of the launch. She anticipates Sarepta will have 25 patients on EXONDYS 51 by YE2016, based on ~375M DMD patients covered by Cigna, Humana (ambulatory boys only) and United Health.
In 2H17. as payer negotiations stabilize and Sarepta's educational efforts begin to take hold, she anticipates a strong uptick in boys on therapy. No change to the price target of $76.
Shares of Sarepta Therapeutic closed at $39.24 yesterday.
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