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Fly News Breaks for March 10, 2017
SRPT
Mar 10, 2017 | 06:13 EDT
JPMorgan analyst Anupam Rama raised his price target for Sarepta Therapeutics to $42 from $40 after conducting a "quick" survey of U.S. based payers. The stock closed yesterday down 70c to $32.73. The results indicate broad and early coverage of Sarepta's Duchene Muscular Dystrophy treatment Exondys 51, Rama tells investors in a research note. Further, the survey shows rapid time from patient start form submission to authorized drug reimbursement, and a steady increase in patient adds over the next 12 months, the analyst adds. The results also made clear, however, that increased disease education is needed at the payer level. The analyst is "very encouraged" by the survey results and increased his 2017 Exondys 51 sales estimate to $94M, above the $90M-$91M consensus. He reiterates an Overweight rating on Sarepta.
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