Oppenheimer Pounds the Table on Sarepta Therapeutics Inc (SRPT)
Oppenheimer analyst Christopher Marai was out pounding the table on Sarepta Therapeutics Inc (NASDAQ:SRPT) Monday, reiterating an Outperform rating and price target of $60, which implies an upside of 247% from current levels.
Marai wrote, “Sarepta entered a quiet period Friday, indicating that analysis/submission of dystrophin data (Western blot) from 48-week biopsies of 13 PROMOVI patients to the FDA is imminent—we expect submission by June 30. We’ve previously noted that analysis can be accomplished within ~3 weeks, consistent with 180-wk biopsy analysis. On June 6, Sarepta announced that FDA requested dystrophin data from eteplirsen’s ongoing open-label PROMOVI confirmatory trial.”
“We anticipate accelerated approval following PROMOVI 48-week biopsies, confirming stat-sig increases of dystrophin on the order of ~0.9% vs. baseline. The FDA’s request for additional dystrophin data suggests FDA is convinced that dystrophin levels previously demonstrated (~0.9% of normal) will be adequate for accelerated approval; although it’s possible slightly younger PROMOVI patients may respond better to treatment, there is no scientific basis for believing PROMOVI biopsies will result in substantially numerically different dystrophin levels,” the analyst continued
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Marai has a yearly average return of 5.2% and a 47% success rate. Marai has a -2.9% average return when recommending SRPT, and is ranked #382 out of 3974 analysts.
Out of the 15 analysts polled by TipRanks, 6 rate Sarepta stock a Buy, 5 rate the stock a Hold and 4 recommend a Sell. With a return potential of 54%, the stock’s consensus target price stands at $26.55.