Sarepta Therapeutic (SRPT) PT Cut to $38 at Needham & Company; 'Buy' Maintained

Needham & Company analyst Chad Messer cut his price target on Sarepta Therapeutic (NASDAQ: SRPT) to $38.00 (from $52.00) but maintained a Buy rating following Q4 results and news the company remains on track to file an NDA for eteplirsen in Duchenne's muscular dystrophy (DMD) by mid-2015.

Messer commented, "We anticipate an FDA meeting to discuss new data and the NDA submission in 2Q:15. Two of 3 confirmatory studies, Study 204 and Study 301, are on schedule to complete enrollment by mid-year and YE:15, respectively. We look for the 3rd confirmatory study, Study 203, to initiate in 2Q:15, and Study 804 in exon 45 and 53 skipping mutations to start in mid-'15 in the US. We maintain our view that eteplirsen will ultimately be approved and reiterate our Buy rating."

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 $13.90 yesterday.

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