Sarepta (SRPT) Outperform Rating Maintained at Credit Suisse

Credit Suisse maintained an Outperform rating on Sarepta Therapeutic (NASDAQ: SRPT) price target of $36. Comments follow discussions with management. Analyst Jeremiah Shepard remains confident Eteplirsen will receive accelerated approval in the next 12-18 months.

"PTLA reiterated plans to begin dosing patients in its open-label confirmatory study in the next few weeks (late October / early November). Three sites are conducting initial screening and more sites should come on-line shortly. The first biopsy data (at 24- weeks) would be available approximately 2-3 months after the completion of the procedure. We speculate that could occur in Q3:15," said Shepard.

"SRPT expects to file an NDA by YE:14, with an Advisory Committee Meeting sometime in May, June or July (versus our estimate of Spring 2015). SRPT will not announce the results from the open label study or fourth biopsy ahead of briefing documents. Management will also wait to see how much clinical data it can release during the review process, but does anticipate releasing safety updates for the open-label study," he added.

Regarding Ebola Shepard said, "SRPT reiterated that to reach a meaningful scale it would need at least 12 months and likely a procurement contract with the government of at least $500M to justify the investment. It also highlighted its proprietary Marburg program for treating this hemorrhagic virus."

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 $21.83 yesterday.

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