Leerink Partners Upgrades Sarepta Therapeutic (SRPT) to Market Perform
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Leerink Partners upgraded Sarepta Therapeutic (NASDAQ: SRPT) from Underperform to Market Perform with a price target of $50.00 (from $5.00).
Analyst Joseph Schwartz commented, "Sarepta's eteplirsen (Exondys 51, Duchenne Muscular Dystrophy) surprisingly received FDA's accelerated approval (AA), in stark contrast to the FDA's negative commentary throughout the entire review including the AdCom and recent PROMOVI dystrophin analysis. This decision is extremely unprecedented and follows major disputes among Agency personnel regarding their interpretations of very limited clinical/biomarker data. Ultimately, it appears to us that the FDA bowed to external pressure from patient advocates and others who demanded that a safe and potentially efficacious drug be made available. We are raising our rating to MP (from UP) and PT to $50 (from $5)."
Shares of Sarepta Therapeutic closed at $28.15 yesterday.
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