Sarepta Therapeutics Inc (NASDAQ:SRPT), a developer of innovative RNA-targeted therapeutics, today announced that Sarepta, throughCredit Suisse and Robert W. Baird & Co., intends to sell an amount of its common stock equal to approximately $37.5 million in gross proceeds in an underwritten offering, before deducting underwriting discounts and commission and other estimated offering expenses.
Credit Suisse and Robert W. Baird & Co. are acting as joint book-running managers of the proposed offering. The underwriters propose to offer the shares of common stock from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the Nasdaq Global Select Market, or to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.
Sarepta intends to use the net proceeds from the intended sale principally for product and commercial development, manufacturing, any business development activities and other general corporate purposes. (Original Source)
Shares of Sarepta Therapeutics closed today at $19.44, down $0.23 or 1.17%. SRPT has a 1-year high of $41.97 and a 1-year low of $8. The stock’s 50-day moving average is $17.33 and its 200-day moving average is $21.75.
On the ratings front, Sarepta has been the subject of a number of recent research reports. In a report released yesterday, Wedbush analyst Heather Behanna upgraded SRPT to Buy, with a price target of $36, which represents a potential upside of 88% from where the stock is currently trading. Separately, on the same day, WBB’s Stephen Brozak reiterated a Buy rating on the stock with 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, Heather Behanna and Stephen Brozak have a total average return of 5.9% and 15.0% respectively. Behanna has a success rate of 41.9% and is ranked #1105 out of 3903 analysts, while Brozak has a success rate of 44.4% and is ranked #576.
Overall, 5 research analysts have rated the stock with a Sell rating, 4 research analysts have assigned a Hold rating and 5 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 $27.60 which is 43.9% above where the stock opened today.
Sarepta Therapeutics, Inc. is a biopharmaceutical company, which is engaged in the discovery and development of unique RNA-based therapeutics for the treatment of rare and infectious diseases. The company is primarily focused on rapidly advancing the development of its potentially disease modifying duchenne muscular dystrophy drug candidates.