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Fly News Breaks for August 8, 2019
Aug 8, 2019 | 14:15 EDT
Shares of Sarepta Therapeutics dropped over 12% before being halted following news of a FDA Adverse Event Reporting System report that a patient was hospitalized with rhabdomyolysis after being administered their Duchenne muscular dystrophy gene therapy, Piper Jaffray analyst Danielle Brill tells investors in a research note. This "whole thing smells fishy," considering the event occurred in February 2019, the FAERS database is not intended for investigational drugs, and DMD patients are at an increased risk for rhabdomyolysis, says the analyst. She believes it is more likely that the event was related to the disease than Sarepta's gene therapy treatment. Brill has an Overweight rating on Sarepta, which halted for news this afternoon down $17.94 to $124.32.
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