Baird expects Sarepta 'relief rally' on launch update
Baird analyst Brian Skorney expects a "relief rally" in shares of Sarepta Therapeutics after the company announced Exondys 51 sales of $5.4M and greater than 250 patient start forms were submitted by year-end. If the shares were at $60, the sales figure would be a disappointment, but expectations have been lowered and whisper numbers were nearing negative territory, Skorney tells investors in a research note following Sarepta's JPMorgan Conference presentation. "This is just the beginning," as the company has dystrophin data coming from SRP-4053 in exon-53-amenable patients in the first half of 2017 and data plans to advance at least three additional assets, the analyst contends. Skorney keeps an Outperform rating on Sarepta with a $102 price target.