Piper Jaffray Remains on Sidelines with Sarepta (SRPT) Despite Rolling NDA For Eteplirsen
Piper Jaffray analyst Edward Tenthoff reiterated a Neutral rating and $20 price target on Sarepta Therapeutic (NASDAQ: SRPT) after announcing it will move forward with a rolling NDA submission for Eteplirsen. The company expects to submit preclinical and CMC data by the end of this week and complete the submission by midyear.
Tenthoff commented, "It was not disclosed what, if any, changes to the NDA packet were agreed upon. Dosing has begun in the 48-week, open-label Phase III confirmatory study of eteplirsen in ambulatory DMD boys as well as a 96-week study in 20 non-ambulant DMD boys."
The analyst noted that Sarepta ended 1Q:15 with a healthy cash position of $166 million.
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Shares of Sarepta Therapeutic closed at $16.38 yesterday.