In a research report published Tuesday, Cowen analyst Ritu Baral reiterated an Outperform rating on shares of Sarepta Therapeutics Inc (NASDAQ:SRPT), with a $62 price target, after SRPT’s CEO Dr. Ed Kaye gave a positive update on the company during the company’s presentation at the 35th Annual J.P. Morgan Healthcare Conference. Specifically, Sarepta preannounced the first revenue numbers of the Exondys 51 launch of $5.4MM during 4Q16.

Baral stated, “While we are encouraged by the early revenue numbers, we think the patient start forms received are a more accurate indicator of true patient and clinician interest and proxy by which to estimate the future number of patients on treatment over the next 12 months. Management announced it had received 250 genetically verified start forms from ~100 prescribing physicians, which exceeded what we saw as consensus of ~100 start forms. We think this demonstrates solid patient interest and physician willingness to prescribe, as our early KOL checks indicated.”

“Overall, we think Street expectations for the launch have come down to what are likely reasonable, and importantly, achievable levels, more characteristic of an ‘average’ orphan launch addressing an unmet need, versus earlier exuberant expectation of massive, immediate patient demand and access. Based on today’s metrics, we continue to expect a healthy longer-term launch, though we note that logistical and/or payor discussion-related delays may translate to nearterm lumpiness in revenue numbers in 1H17,” the analyst continued

Sarepta shares closed today at $37.89, up $6.63 or nearly 21%.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ritu Baral has a yearly average return of 4.6% and a 38% success rate. Baral has a -26.6% average return when recommending SRPT, and is ranked #824 out of 4347 analysts.

Out of the 17 analysts polled by TipRanks, 13 rate Sarepta stock a Buy, while 4 rate the stock a Hold. With a return potential of 64%, the stock’s consensus target price stands at $62.12.