Sarepta Therapeutics (SRPT): Needham & Company Highlights 2 Significant Positive Implications from Dolodiresen Data
Needham & Company analyst Chad Messer reiterated a Buy rating and $75 price target on Sarepta Therapeutics (NASDAQ: SRPT) after the company reported positive Phase I/II data for golodiresen, an exon 53 skipping therapy for Duchenne's muscular dystrophy (DMD).
Messer highlights s 2 significant positive implications:
- First, the ~1% increase in dystrophin protein by Western blot is consistent with the controversial re-validated data from the Exondys 51 pivotal study. In our view, this reduces any uncertainty around the efficacy of Exondys 51 and decreases any risk around the pending confirmatory study. It also should give a tailwind to the company in conversations with payers.
- Second, this data validates the entire exon skipping platform at Sarepta. As a reminder Exondys 51 only addresses ~13% of DMD patients but up to ~50% of patients are amenable to exon skipping. This data de-risks and should help accelerate bringing therapies to address this larger population.
- Golodirsen is already being tested in the pivotal ESSENSE study along with an exon 43 skipping therapy. Data are expected in 2H:19
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Shares of Sarepta Therapeutics closed at $41.08 yesterday.