Sarepta price target raised to $210 from $185 at Piper Jaffray
Piper Jaffray analyst Danielle Brill raised her price target for Sarepta Therapeutics to $210 from $185 after Vyondys53, "in yet another surprise," received accelerated approval from the FDA less than four months after the agency issued a Complete Response Letter. The stock in premarket trading is up 32%, or $32.03, to $132.50. Vyondys53 is the first approved therapy for duchenne muscular dystrophy patients with exon-53 mutations. The quick resolution of the letter indicates Sarepta has the FDA's support and is validating to management's credibility, Brill tells investors in a research note titled "Golodirsen Rises Like a Phoenix From the Ashes." The analyst continues to believe gene therapy will ultimately cannibalize the market if successful. However, Sarepta's exon-skipping franchise provides "meaningful downside protection" for next year's pivotal microdytrophin gene therapy trial readout, she contends. The analyst reiterates an Overweight rating on Sarepta shares.