Sarepta Therapeutics Inc (NASDAQ:SRPT) announced it has entered a research and option agreement with Nationwide Children’s Hospital on their microdystrophin gene therapy program. Dr. Jerry Mendell, M.D. and Dr. Louise Rodino-Klapac, Ph.D., are the lead principal investigators of the program.
“Given the complexities of Duchenne muscular dystrophy, we know that it is going to require multiple treatment approaches,” said Edward Kaye, Sarepta’s chief executive officer. “With that goal in mind, we are excited to support clinical development for Nationwide’s gene therapy program with the goal to help all boys with DMD.”
The initial trial, expected to go into Phase 1/2a trial in late 2017, will be conducted at Nationwide Children’s. Parent Project Muscular Dystrophy (PPMD) has committed 2.2 million dollars to the trial, with support from additional Duchenne foundations and families. Sarepta has committed to the trial through a separate research agreement with Nationwide Children’s, and has an exclusive option to license the program. PPMD’s grant provided incentive for Sarepta to help expand and accelerate this opportunity.
“We are thrilled Sarepta has entered into this research agreement with Nationwide. The additional resources will bolster Nationwide’s ability to conduct an even more rigorous and robust trial,” said Pat Furlong, founding president and chief executive officer of Parent ProjectMuscular Dystrophy. (Original Source)
Shares of Sarepta Therapeutics are up nearly 2% to $32.00 in pre-market trading. SRPT has a 1-year high of $63.73 and a 1-year low of $8. The stock’s 50-day moving average is $31.94 and its 200-day moving average is $34.34.
On the ratings front, SRPT has been the subject of a number of recent research reports. In a report issued on January 6, JMP analyst Liisa Bayko reiterated a Buy rating on SRPT, with a price target of $65, which implies an upside of 108% from current levels. Separately, on January 4, Morgan Stanley’s Matthew Harrison reiterated a Hold rating on the stock and has a price target of $33.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Liisa Bayko and Matthew Harrison have a yearly average return of 7.7% and a loss of -1.1% respectively. Bayko has a success rate of 48% and is ranked #689 out of 4347 analysts, while Harrison has a success rate of 49% and is ranked #3315.
Sentiment on the street is mostly bullish on SRPT stock. Out of 13 analysts who cover the stock, 9 suggest a Buy rating and 4 recommend to Hold the stock. The 12-month average price target assigned to the stock is $50.00, which represents a potential upside of 60% from where the stock is currently trading.
Sarepta Therapeutics, Inc. is a biopharmaceutical company, which is engaged in the discovery and development of unique RNA-targeted therapeutics for the treatment of rare, infectious, and other diseases. It focuses on the development of its potentially disease-modifying DMD drug candidates.