Sarepta Therapeutics Inc (NASDAQ:SRPT), a developer of innovative RNA-targeted therapeutics, today announced that it is offering to sell, subject to market and other conditions, up to $125 million of its common stock in an underwritten public offering. Sarepta also intends to grant the underwriters a 30-day option to purchase from it up to an additional 15% of the shares of common stock offered in the public offering.
Credit Suisse and Morgan Stanley are acting as joint book-running managers of the proposed offering.
Sarepta intends to use the net proceeds from the offering principally for product and commercial development, manufacturing, any business development activities and for general corporate purposes. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. (Original Source)
Shares of Sarepta Therapeutics are trading down 2.18% to $40.88 in after-hours trading. SRPT has a 1-year high of $41.97 and a 1-year low of $11.33. The stock’s 50-day moving average is $35.93 and its 200-day moving average is $26.52.
On the ratings front, Sarepta has been the subject of a number of recent research reports. In a report issued on October 2, Wedbush analyst Heather Behanna upgraded SRPT to Buy, with a price target of $56, which represents a potential upside of 34.0% from where the stock is currently trading. Separately, on October 1, Piper Jaffray’s Edward Tenthoff maintained a Buy rating on the stock and has a price target of $48.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Heather Behanna and Edward Tenthoff have a total average return of 19.5% and 9.8% respectively. Behanna has a success rate of 54.5% and is ranked #505 out of 3764 analysts, while Tenthoff has a success rate of 42.9% and is ranked #592.
Overall, one research analyst has assigned a Hold rating and 9 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 $47.67 which is 14.1% above where the stock opened today.
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.