RBC Capital analyst Brian Abrahams lowers his price target on Sarepta (SRPT) to $200 after its deal with Roche (RHHBY) to receive over $1B in exchange for its ex-U.S. rights to its microdystrophin gene therapy SRP-9001. The analyst notes that his new price target reflects the updated economics on microdystrophin, but he maintains an Outperform rating on the stock and sees the deal as a "monetization" move for a region where it would be challenging to build an infrastructure. Abrahams adds that the Roche deal validates Sarepta's efficacy, safety, and manufacturing progress without preventing a potential acquisition of the company in the future.