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On Wednesday, Cantor Fitzgerald reaffirmed its Overweight rating and $163.00 price target for Sarepta Therapeutics (NASDAQ:SRPT) shares, despite the stock trading near its 52-week low of $73.06 and experiencing a sharp 26% decline in the past week. According to InvestingPro data, analyst targets for the company range from $75 to $215, with a consensus recommendation leaning strongly toward buy. The decision comes following a key opinion leader (KOL) call hosted by Cantor Fitzgerald with Dr. Partha Ghosh, a pediatric neurologist with expertise in neuromuscular disorders. The call was organized to address the recent news released on Tuesday regarding a patient death after treatment with Sarepta’s ELEVIDYS.
Dr. Ghosh, who has experience treating 15 patients with ELEVIDYS in a commercial setting and generally sees 1-2 new patients each month, provided insights into the incident. He indicated that while the patient death represents a setback, the circumstances may not be widely applicable to all patients, as the event occurred in an older, non-ambulatory individual. The company maintains strong fundamentals, with InvestingPro data showing a healthy current ratio of 4.2 and revenue growth of 53% in the last twelve months.
The KOL call aimed to assess the implications of this development for the use of ELEVIDYS, which is designed to treat a specific neuromuscular disorder. Dr. Ghosh’s current approach is to consider younger, ambulatory patients as more suitable candidates for ELEVIDYS in his practice, given the recent event.
Cantor Fitzgerald’s analyst reiterated the firm’s stance on Sarepta Therapeutics, maintaining the Overweight rating and price target despite the recent concern. The analyst’s comments suggest a cautious but not broadly altered perspective on the drug’s use following the patient death associated with ELEVIDYS treatment.
In other recent news, Sarepta Therapeutics has reported a significant development involving its drug Elevidys, used for treating Duchenne muscular dystrophy. A patient who received the treatment experienced acute liver failure and subsequently died, with a recent cytomegalovirus infection potentially contributing to the outcome. Despite this incident, several analyst firms have maintained their positive outlook on Sarepta’s stock. Leerink Partners kept their Outperform rating with a $200 price target, while JPMorgan reiterated an Overweight rating with a $187 target. TD Cowen also maintained its Buy rating and $203 price target, emphasizing continued confidence in Elevidys despite the reported case.
Mizuho (NYSE:MFG) analysts suggested that the market’s reaction might be excessive and upheld their Outperform rating, acknowledging the drug’s positive benefit/risk profile. BofA Securities maintained a Buy rating and a $210 target, viewing the event as isolated given the large number of patients treated without prior safety concerns. Sarepta has dosed over 800 patients with Elevidys and is considering updating the drug’s label to include the risk of death. The company is also planning to introduce CMV infection testing as a precautionary measure. Analysts are closely monitoring the situation to assess its impact on the medical community’s perception of Elevidys’s safety.
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