Sarepta Therapeutics Inc (NASDAQ:SRPT), a developer of innovative RNA-targeted therapeutics, today announced the U.S. Food and Drug Administration (FDA) has granted Rare Pediatric Disease Designation for eteplirsen, a potential treatment for patients with Duchenne Muscular Dystrophy (DMD) who are amenable to skipping exon 51. The Rare Pediatric Disease Designation supplements the Orphan Drug Designation and Fast Track Status previously granted by the FDA for eteplirsen.
“We are pleased that the FDA’s Office of Orphan Products Development has granted eteplirsen with a Rare Pediatric Disease Designation,” said Edward M. Kaye, Sarepta’s interim chief executive officer and chief medical officer. We appreciate that FDA has created the Rare Pediatric Disease Priority Review Voucher program to foster development of treatments for rare pediatric diseases, a core focus for the Company, and we hope it leads to expedited treatments for children who desperately need them.” (Original Source)
Following the news, Sarepta Therapeutics shares popped 3.12% to $35.39. SRPT has a 1-year high of $36.90 and a 1-year low of $11.33. The stock’s 50-day moving average is $32.60 and its 200-day moving average is $21.54.
On the ratings front, Sarepta Therapeutics has been the subject of a number of recent research reports. In a report issued on August 19, Roth Capital analyst Debjit Chattopadhyay reiterated a Buy rating on SRPT, with a price target of $45, which represents a potential upside of 31.1% from where the stock is currently trading. Separately, on August 13, WBB’s Stephen Brozak reiterated a Buy rating on the stock and has a price target of $40.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Debjit Chattopadhyay and Stephen Brozak have a total average return of 20.9% and 40.5% respectively. Chattopadhyay has a success rate of 56.4% and is ranked #50 out of 3738 analysts, while Brozak has a success rate of 57.1% and is ranked #331.
Overall, 4 research analysts have assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $35.00 which is 2.0% above where the stock closed yesterday.
Sarepta Therapeutics Inc is a biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare, infectious and other diseases.