BofA Securities Meets with Sarepta Therapeutics (SRPT) Management to Discuss 2022 Guidance

BofA Securities analyst Tazeen Ahmad reiterated a Buy rating and $122.00 price target on Sarepta Therapeutics (NASDAQ: SRPT) after meeting with the management team to discuss 2022 revenue guidance and their take on the response to SRP-9001 Study-102 part 2 results.

The analyst stated "mgmt guided for >$800mn in product revenues for FY22. Mgmt noted that Exondys is reaching mature stage with expected revenues in the $400s mn range. Further growth would come from additional approvals Ex-US and investment in new born screening. Vyondys is still in launch phase, while Amondys continues to surprise to the upside. Overall, Vyondys and Amondys total revenues are expected to exceed Exondys, the totality of which we continue to view as a floor on SRPT’s valuation. Mgmt went on to highlight the clinical significance of a 2 point improvement in NSAA total score compared to the prospective propensity-score weighted external control group (n=103). Mgmt believes these data suggest that SRP-9001 is a disease modifying therapy with a differentiated safety profile. Overall, we note that investors may have underappreciated the significant improvement seen in the part 2 crossover patients 48 weeks post-treatment, especially given that they were an older cohort with a mean age of 7.24. We continue to believe that early intervention (4-5 yoa) will have the greatest impact on motor function and remain focused on further data supporting durability."

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 $73.95 yesterday.

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