Sarepta Therapeutics (SRPT) CRL Creates A Buying Opportunity - Nomura

Nomura/Instinet analyst Christopher Marai reiterated a Buy rating and $230.00 price target on Sarepta Therapeutics (NASDAQ: SRPT) after the company announced receipt from the FDA of a complete response letter (CRL) for golodirsen. The event was a surprise as the recent FDA suggested approval was on track. The reasons for the CRL appear to be infusion port infection risk and pre-clinical renal tox seen in animals (at 10x human dose) as well as that seen for other ASOs. The FDA indicated in the letter this was not due to golodirsen clinical safety, nor Exondys 51 data.

The analyst stated "The CRL delays our golodirsen approval and launch estimate to 2H20 vs. 4Q19. We see weakness as an attractive buying oppy – no read through to Exondys-51, casimersen or gene therapy".

For an analyst ratings summary and ratings history on Sarepta Therapeutics click here. For more ratings news on Sarepta Therapeutics click here.

Shares of Sarepta Therapeutics closed at $101.01 yesterday.

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