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Piper Jaffray Upgrades Sarepta Therapeutic (SRPT) to Overweight; Expect FDA to Accept Eteplirsen NDA Filing

August 24, 2015 6:54 AM EDT
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Price: $129.46 -0.59%

Rating Summary:
    30 Buy, 9 Hold, 1 Sell

Rating Trend: Up Up

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    Up: 0 | Down: 0 | New: 0
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Piper Jaffray upgraded Sarepta Therapeutic (NASDAQ: SRPT) from Neutral to Overweight with a price target of $48.00 (from $28.00), saying they expect the FDA to accept the NDA for eteplirsen.

Analyst Edward Tenthoff commented, "We expect the FDA to accept the NDA filing for exon 51 skipping drug eteplirsen when for Duchenne Muscular Dystrophy (DMD) when the 60-day review period expires tomorrow, Tuesday, August 25. Sarepta held a pre-NDA meeting with the Agency back in May and we believe has met all of the FDA's requests for information. We anticipate a joint AdCom for eteplirsen and BioMarin's exon 51 skipping drug drisapersen tentatively scheduled for November 23 and 24. We are upgrading Sarepta to Overweight ahead of these regulatory proceeding and are increasing our price target to $48 from $28 by lowering our discount rate on eteplirsen."

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 $33.86 yesterday.



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Piper Jaffray, Edward Tenthoff