Wedbush Upgrades Sarepta Therapeutic (SRPT) to Outperform; Case Made for Eteplirsen Approval

Wedbush upgraded Sarepta Therapeutic (NASDAQ: SRPT) from Neutral to Outperform with a price target of $56 after the company presented data in its NDA for eteplirsen including its 12 boy study Phase II data in the context of matched natural history, dystrophin data from a fourth biopsy (see page 2) and updated safety data.

"In our view, the data presented directly address FDA requests for more information," analyst Heather Behanna commented. "We believe the data weigh in favor of eteplirsen receiving accelerated approval and have lowered our discount rate to 25%."

The analyst added, "We view these data as more palatable to FDA than a subset analysis of the 12 boys. Sarepta have compared these data to comparable boys with natural history data, showing a significant improvement at a three year time point. As a reminder, the agency has recently laid out guidance of the use of historical controls and we believe these data fit the criteria."

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 $39.28 yesterday.

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