Buy Sarepta (SRPT) Into Kyndrisa Briefing Documents and Panel Outcome - Oppenheimer
Oppenheimer analyst Christopher Marai said they would be buyers of Sarepta Therapeutic (NASDAQ: SRPT) into Kyndrisa briefing documents and panel outcome. The firm reiterated an Outperform rating and price target of $45.
"Tomorrow morning, the FDA will make available briefing documents (here) pertaining to the Tuesday (Nov. 24) Advisory Committee meeting for Kyndrisa. Importantly, while we anticipate approval of Kyndrisa, we believe that the panel will highlight disadvantages of Kyndrisa's approach which will frame for the Street eteplirsen's key competitive advantages including: 1) no failed trials, 2) robust dystrophin data and 3) superior safety. We anticipate eteplirsen will also receive accelerated approval (FDA has noted it is preferable to have multiple drugs receive accelerated approval). BMRN will likely receive a small royalty (10-15%) on eteplirsen sales. Weakness in SRPT on briefing docs or the panel represents a buying opportunity in our view."
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Shares of Sarepta Therapeutic closed at $27.72 yesterday.