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Fly News Breaks for June 19, 2018
SRPT, SLDB
Jun 19, 2018 | 14:45 EDT
JPMorgan analyst Anupam Rama does not deny that Sarepta's (SRPT) micro-dystrophin data establishes proof-of-concept for the space and there should be a positive read-through for Solid Biosciences (SLDB). However, Rama thinks the move up in Solid has been "outsized," leaving material downside risk, given that Solid noted just yesterday that the first update from the SGT-001 MD program will be in potentially more than 12 months out. Also being underappreciated is that Sarepta has set a benchmark that Solid will now have to meet and ultimately beat, Rama tells investors. The analyst increased his price target on Solid shares to $29 from $10 but reiterates an Underweight rating on the stock, which is up 46% to $42.98 in afternoon trading.