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Investing.com - TD Cowen has raised its price target on Sarepta Therapeutics (NASDAQ:SRPT) to $17.00 from $12.00 while maintaining a Hold rating on the stock. According to InvestingPro data, the stock is currently trading near its Fair Value, though it has seen a significant decline of about 88% year-to-date.
The price target increase follows the FDA’s recommendation to remove the voluntary clinical hold on Elevidys for ambulatory Duchenne muscular dystrophy (DMD) patients.
Sarepta has indicated it will resume Elevidys shipments for ambulatory DMD patients imminently, according to TD Cowen’s analysis.
TD Cowen believes the FDA announcement positively impacts Sarepta’s near-term relationship with the regulatory agency and the DMD patient community.
The firm also notes the development should improve Sarepta’s liquidity position and ability to service its debt, factors that contributed to the increased sum-of-the-parts price target.
In other recent news, Sarepta Therapeutics has seen significant developments regarding its Elevidys treatment. The FDA has lifted its hold on the Elevidys treatment for ambulatory patients, which had been in place for about a week, following a safety review of an incident involving an 8-year-old patient in Brazil. This decision led to a notable surge in Sarepta’s stock, reflecting market optimism. Barclays (LON:BARC) responded by upgrading Sarepta’s stock rating from Underweight to Equalweight, raising the price target to $22.00. Meanwhile, Piper Sandler adjusted its price target to $15.00, maintaining a Neutral rating. BMO Capital also revised its price target for Sarepta to $50.00, citing the FDA’s decision as a key factor. However, H.C. Wainwright raised its price target to $5.00 but maintained a Sell rating, pointing to challenges in the Elevidys franchise. These updates highlight the varying analyst perspectives on Sarepta’s recent regulatory news.
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