Sarepta (SRPT) Pops Higher as Glaxo's DMD Drug Drisapersen Falters

February 27, 2013 1:52 PM EST
Sarepta Therapeutics (Nasdaq: SRPT) shares are active Wednesday afternoon following speculation that it might be able to pick up where GlaxoSmithKline (NYSE: GSK) is leaving off.

Biotech stock watcher Adam Feuerstein commented today that duchenne muscular dystrophy (DMD) patients trated with Glaxo's drisapersen are said to have been hospitalized due to kidney toxicity and low platelet counts.

Though the announcement was made last Sunday during a medical meeting in Rome, Feuerstein speculates that Sarepta might be meeting with FDA reps over the possibility of accelerating the approval of the company's DMD drug eteplirsen "based on a completed phase II study." Eteplirsen's record to-date has been relatively sterling.

Shares of Sarepta are up 7.5 percent on heavy volume today. The stock is a bit of a favorite with short sellers, as 3.84 million shares, or 14.5 percent of float, are currently being held short.

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