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SRPT

Sarepta

$29.49

-0.15 (-0.51%)

10:09
12/22/16
12/22
10:09
12/22/16
10:09

JPMorgan sees 2017 as 'tale of two halves' for Sarepta

Looking to 2017, JPMorgan analyst Anupam Rama believes Sarepta Therapeutics' (SRPT) shares could be range-bound in the first half of the year as Wall Street re-calibrates to a more appropriate Exondys 51 launch trajectory. However, the analyst says Sarepta could be poised for a rebound in the second half of 2017 as it works with payers and provides greater clarity. POISED FOR A REBOUND: In a research note this morning, JPMorgan's Rama initiated coverage of Sarepta with an Overweight rating and $40 price target. The analyst noted that the stock is down over 50% since the September approval of the company's Exondys 51 for the treatment of Exon 51 Duchenne muscular dystrophy. The analyst also sees overall negative sentiment in the market related to the company's commercial launch dynamics. Although physicians showed a "strong desire" to transition patients to therapy, some payer discussions called into question the clinical benefit of Exondys 51 overall, with others noting it would be difficult to limit reimbursement given unmet need in Duchenne muscular dystrophy, he pointed out. While Rama believes it could take two quarters for Wall Street to re-calibrate to a more appropriate launch trajectory, keeping Sarepta's shares range-bound/volatile in the first half of 2017, he told investors that the stock could be poised for a rebound given greater clarity on market dynamics, time to work with payers and pipeline data on the horizon. "Patience will be required" for Sarepta investors, the analyst contended. WHAT'S NOTABLE: Yesterday, Leerink analyst Joseph Schwartz lowered his price target for Sarepta to $33 from $55 as he continues to see a "significant likelihood" that the launch metrics that the company will announce in early January may disappoint Wall Street, where revenue estimates are still aggressive relative to the number of patients that he believes are receiving reimbursement for Exondys 51. The analyst reiterated a Market Perform rating on the shares. PRICE ACTION: In morning trading, shares of Sarepta have gained about 1.5% to $29.91.

SRPT Sarepta
$29.49

-0.15 (-0.51%)

12/16/16
RBCM
12/16/16
NO CHANGE
Target $98
RBCM
Top Pick
RBC lowered target for Sarepta still represents 220% upside
After hosting a conference call with two "well-known" neurologists who specialize in Duchenne muscular dystrophy, RBC Capital analyst Simos Simeonidis lowered his price target for Sarepta Therapeutics to $98 from $106. The new target, however, still represents over 220% upside from current levels. Sarepta in early trading is down 28c to $30.25. Both neurologists were "positive" on Sarepta's EXONDYS 51 and have both prescribed the drug, with one physician now treating patients who have received payor approval, Simeonidis tells investors in a research note. The physicians discussed the issues facing the EXONDYS 51 launch, namely "initial pushback, roadblocks and frustrating delays by payors," but they view the obstacles as "expected" and in-line "for a new drug launch in a rare disease," the analyst writes. Simeonidis points out that both neurologists were optimistic on both the eventual outlook for coverage and on the wide use of EXONDYS 51. Despite lowering his Q4 and 2017 sales numbers for the drug in addition to his price target, Simeonidis still believes EXONDYS has the opportunity to capture significant market share in DMD. He reiterated an Outperform rating on Sarepta in his research note titled, "DMD KOLs call: Payors will delay, delay, delay...but they will end up approving."
12/20/16
GSCO
12/20/16
INITIATION
Target $40
GSCO
Neutral
Sarepta initiated with a Neutral at Goldman
Goldman analyst Salveen Richter initiated Sarepta with a Neutral and a $40 price target.
12/21/16
LEER
12/21/16
NO CHANGE
Target $33
LEER
Market Perform
Sarepta price target lowered to $33 from $55 at Leerink
Leerink analyst Joseph Schwartz lowered his price target for Sarepta to $33 from $55 as he continues to see a "significant likelihood" that the launch metrics that the company will announce in early January may disappoint the street, where revenue estimates are still aggressive relative to the number of patients that he believes are receiving reimbursement for Exondys 51. The analyst reiterates a Market Perform rating on the shares.
12/22/16
JPMS
12/22/16
INITIATION
Target $40
JPMS
Overweight
Sarepta initiated with an Overweight at JPMorgan
JPMorgan analyst Anupam Rama started Sarepta Therapeutics with an Overweight rating and $40 price target. The stock is down over 50% since the September approval of Exondys 51 for the treatment of Exon 51 Duchenne muscular dystrophy, Rama tells investors in a research note. The analyst believes that while shares could be range-bound in the first half of 2017 amid a "conservative launch trajectory" relative to consensus expectations, Sarepta "could be poised for a rebound" in the second half of the year as it works work with payers and provides greater clarity. He thinks "patience will be required" for Sarepta investors.

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