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Fly News Breaks for June 7, 2016
SRPT
Jun 7, 2016 | 07:32 EDT
Jefferies analyst Gena Wang views the FDA's additional dystrophin biomarker data request as the "best-case scenario" for Sarepta Therapeutics. The move suggests the FDA is willing to give Sarepta another chance instead of issuing a Complete Response Letter outright, Wang tells investors in a research note. While dystrophin data from week 48 versus baseline could provide high-quality data, there is a "slim chance" for meaningful improvement given the drug mechanism, the analyst writes. She continues to see "low probability of approval" for Sarepta's eteplirsen Wang has an Underperform rating on the shares with a $7 price target. The stock is up 34%, or $5.45, to $21.50 in pre-market trading. Wedbush this morning upgraded Sarepta to Outperform.
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