While Exondys 51 "remains a blockbuster in the making," the story in 2018 for Sarepta Therapeutics will likely be the pipeline, which is being undervalued by investors, William Blair analyst Tim Lugo tells investors in a research note. Sarepta's pipeline will start gaining attention with at least five programs with important clinical readouts during 2018, Lugo contends following a pipeline "deep dive" analysis. He believes new therapies should move Sarepta beyond the 13% of the Duchenne muscular dystrophy market addressed by Exondys 51 and confirm the company's position as the leader in new therapies for the disease. The analyst continues to view Sarepta as a core small-mid biotechnology holding. He keeps an Outperform rating on the shares.