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SRPT

Sarepta

$36.28

-1.01 (-2.71%)

13:55
11/29/16
11/29
13:55
11/29/16
13:55

Baird says doctor response to Sarepta DMD drug could mean strong launch

Doctors in the Duchenne muscular dystrophy field are taking to Sarepta's (SRPT) Exondys 51 despite its controversial, data-light approval path, a survey conducted by Baird revealed today, leading the research firm to argue that average estimates for the drug's first quarter on the market "feel light." BAIRD SURVEY INDICATES STRENGTH: After surveying 30 neurologists treating Duchenne muscular dystrophy patients, Baird's Brian Skorney comes away confident in a "strong launch" for Sarepta's Exondys 51. The analyst notes that most of the surveyed doctors "seem convinced of the drug's efficacy," with 23% of respondents already having started prescriptions and another 58% planning to start in the next year. Skorney adds that use estimates through year end indicate that consensus sales expectations of $7.1M "may be understating" the drug's first quarter on the market, with the survey data suggesting $8M in sales and the analyst himself forecasting $11M. Notably, the doctors speaking to Skorney said only about 58% of their patients have been genotyped, appearing to confirm the 60% estimate put forth by Sarepta and indicating a potential new pool of patients eligible for Exondys and its targeting of the exon 51 genotype. PRICE ACTION: Shares of Sarepta are up 3% to $37.40 in afternoon trading.

SRPT Sarepta
$36.28

-1.01 (-2.71%)

10/27/16
FBCO
10/27/16
NO CHANGE
Target $68
FBCO
Outperform
Sarepta reimbursement concerns overdone, says Credit Suisse
Credit Suisse analyst Alethia Young believes Sarepta Exondys 51 reimbursement concerns are "quite overdone" and notes payer negotiation is inline with what the company has seen in other rare disease drugs launch. Young rates Sarepta an Outperform with a $68 price target.
10/27/16
WEDB
10/27/16
NO CHANGE
Target $72
WEDB
Outperform
Sarepta selloff overdone, says Wedbush
Wedbush analyst Heather Behanna said the selloff in Sarepta is overdone and recommends shares ahead of the Exondys 51 launch update in January. The analyst has an Outperform rating and a $72 price target on Sarepta shares.
11/11/16
LEER
11/11/16
NO CHANGE
Target $55
LEER
Market Perform
Sarepta Exondys 51 launch expectations seem too high for 2017, says Leerink
Leerink analyst Joseph Schwartz believes Sarepta Exondys 51 launch expectations may be too high for 2017. While nothing that a true Duchenne muscular dystrophy prevalence remains unknown, the analyst says that a "start form" number of about 200 patients would need to be provided in early January in order for investors to be confident in 2017 consensus sales estimates of $215M. Additionally, Schwartz points out that based on the price of Exondys 51 per vial, it currently appears that management has underestimated the true price of the drug which they will realize.
11/29/16
BARD
11/29/16
NO CHANGE
Target $102
BARD
Outperform
Baird sees strong launch for Sarepta after surveying neurologists
After his firm surveyed 30 neurologists treating at least ten Duchenne muscular dystrophy patients and at least five suspected/confirmed patients amenable to exon-51 skipping, Baird analyst Brian Skorney believes Sarepta Therapeutics' Exondys 51 is positioned for a strong launch. In a research note earlier today, Skorney said that most of the 30 doctors surveyed seem convinced of the drug's efficacy, and plan to start prescribing the drug in the next year. The drug's consensus sales estimate for its first quarter on the market of $7.1M may be understating sales, Skorney wrote. The analyst continues to expect $11M of Exondys 51 sales in Q4. He has an Outperform rating on shares of Sarepta with a $102 price target. The stock is up 34c, or 1%, to $36.62 in morning trading.

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