Buy Sarepta Therapeutic (SRPT) on Sell-Off - Needham & Company
Needham & Company analyst Chad Messer reiterated a Buy rating and $53 price target on Sarepta Therapeutic (NASDAQ: SRPT) after yesterday's sell-off amid new briefing documents ahead of the rescheduled AdComm for eteplirsen. The firm is a buyer on the sell-off.
Messer commented, "The FDA released new briefing documents ahead of the rescheduled AdComm for eteplirsen. Reviewer skepticism for SRPT's dystrophin data and clinical efficacy remains, even after both SRPT and top KOLs in the DMD community strongly rebutted previous FDA arguments. Given entrenched nature of the reviewers' initial arguments and the likely role of personal egos, this doesn't surprise us. While the rest of the market appears to be disappointed in the lack of reversal on the part of the reviewers, we are actually somewhat encouraged by the fact that the last speaker for the FDA will be Director Woodcock, as her tone would likely supersede that of the reviewers. We continue to view accelerated approval for eteplirsen as uncertain but possible. We assume full approval as early as 2017. We are buyers of SRPT on yesterday's sell-off."
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Shares of Sarepta Therapeutic closed at $11.02 yesterday.