Why BioMarin FDA Panel is Positive for Sarepta (SRPT) - Oppenheimer
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Rating Summary:
30 Buy, 9 Hold, 1 Sell
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On Nov. 24, the FDA held an Advisory Committee panel for BioMarin's (NASDAQ: BMRN) Kyndrisa a potential competitor to eteplirsen. The panel highlighted Kyndrisa's significant liabilities and the panel focus included safety concerns then difficult-to-interpret efficacy data.
Why is this a positive for Sarepta Therapeutic (NASDAQ: SRPT)? It framed eteplirsen's key competitive advantages including: 1) no failed trials; 2) robust dystrophin-data; and 3) a clean safety profile.
Considering this panel's focus, Oppenheimer analyst, Christopher Mara, anticipates SRPT's panel may focus on 6MWT data in support of dystrophin data with an emphasis on patient selection and natural-history controls. He views accelerated approval of eteplirsen as more likely following the panel given the need, and increased likelihood that Kyndrisa may not receive approval.
No change to Outperform rating or $45 PT.
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 $37.32 yesterday.
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