Sarepta Therapeutics is expected to disclose 60-day biopsy results from three LGMD2E patients treated with 5E13 vg/kg MYO-101 a beta-sarcoglycan gene therapy, Nomura Instinet analyst Christopher Marai tells investors in a research note. His analysis points to a "blowout" result of 95% positive fibers, co-localization with dystrophin, and 75% of normal protein expression by western blot. The trial protocol implies a base case of 20%-50% expression, with less than 50% triggering a dose escalation to 2E14 vg/kg, the analyst points out. However, Marai sees share upside even if the higher dose is required given Sarepta's "derisking microdys precedent at this dose." Positive data enables a rapid surrogate marker approval path for MYO-101 on the same timelines as Duchenne muscular dystrophy, says the analyst. He has a Buy rating on Sarepta with a $205 price target.