Sarepta Therapeutics Inc (NASDAQ:SRPT) shares sank in Thursday’s trading session after the FDA released negative briefing documents regarding the company’s Duchenne muscular dystrophy drug, ahead of Monday’s AdComm review.

However, Chad Messer, an analyst with Needham & Co LLC, a New York investment firm, said he continues to view accelerated approval for eteplirsen as uncertain but possible, and remains buyer of Sarepta on yesterday’s sell-off.

Messer wrote, “The FDA released new briefing documents ahead of the rescheduled AdComm for eteplirsen. Reviewer skepticism for SRPT’s dystrophin data and clinical efficacy remains, even after both SRPT and top KOLs in the DMD community strongly rebutted previous FDA arguments. Given entrenched nature of the reviewers’ initial arguments and the likely role of personal egos, this doesn’t surprise us. While the rest of the market appears to be disappointed in the lack of reversal on the part of the reviewers, we are actually somewhat encouraged by the fact that the last speaker for the FDA will be Director Woodcock, as her tone would likely supersede that of the reviewers.”

Messer reiterated a Buy rating on Sarepta shares, with a price target of $53, which represents a potential upside of 381% from where the stock is currently trading.

Readers should acknowledge, however, that according to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Chad Messer has a yearly average return of -13% and a 30% success rate. Messer has a -25% average return when recommending SRPT, and is ranked #3762 out of 3907 analysts.

Out of the 15 analysts polled by TipRanks, 7 rate Sarepta Therapeutics Inc. stock a Buy, 7 rate the stock a Hold and 1 recommends Sell. With a return potential of 213.9%, the stock’s consensus target price stands at $34.59.