Oppenheimer Maintains Bullish View on Sarepta (SRPT) Despite Sell-Off on FDA Briefing Documents

Oppenheimer analyst Christopher Marai is maintaining his Outperform rating and $60 price target on Sarepta Therapeutic (NASDAQ: SRPT) despite the massive sell-off on the FDA released updated briefing documents for SRPT's Monday Adcom.

Marai commented, "FDA was mostly unchanged in its analysis, rebutting the addendum SRPT posted in response to prior briefing-documents. Four-year data did not appear to affect the FDA's analysis, and predictably, historical-control selection was questioned. We maintain that the data highlight eteplirsen's benefit and that in the absence of safety signals, any benefit, no matter how small, needs to be considered in light of minimal risk. We anticipate discussion of data at the panel is likely to be evaluated in voting questions that ask if data negatively/not-change/positively influence a view on SRPT's P2 dystrophin, 6MWT, LOA (p. 4) and safety findings. We believe data supports unchanged/positive conclusions. Weakness around these briefing docs is unsurprising as we highlighted in our April 5 note. Our view remains unchanged."

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 $19.71 yesterday.

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