After BTIG and Piper Jaffray gave Sarepta Therapeutics (NASDAQ: SRPT) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Alethia Young reiterated a Buy rating on Sarepta Therapeutics today and set a price target of $231. The company’s shares opened today at $142.50.
Young said:
“: We are reiterating our Overweight rating and $231 price target. We are getting many questions on Sarepta selloff today (down -11% vs. NBI -3%) mainly focused on the recent raise and the impact of Scott Gottlieb’s resignation. To a lesser extent, we think the weakness is related to a short report this morning on Sarepta. We would disagree with our understanding of its key points, and particularly think increasing the beta-sarcoglycan protein will lead to functional change over time. We think Sarepta has a clear lead in DMD gene therapy and their data has set a high bar for competition. We view today’s reaction as unwarranted and reiterate Sarepta as one of our top picks in 2019.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 8.0% and a 49.7% success rate. Young covers the Healthcare sector, focusing on stocks such as Spectrum Pharmaceuticals, Vertex Pharmaceuticals, and Puma Biotechnology.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Sarepta Therapeutics with a $207.06 average price target, a 45.3% upside from current levels. In a report issued on February 19, H.C. Wainwright also maintained a Buy rating on the stock with a $267 price target.
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The company has a one-year high of $176.50 and a one-year low of $69.50. Currently, Sarepta Therapeutics has an average volume of 1.15M.
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Sarepta Therapeutics, Inc. is a commercial-stage biopharmaceutical company, which is engaged in the discovery and development of therapeutics for the treatment of rare neuromuscular diseases. It focuses on the development of its potentially disease-modifying Duchenne Muscular Dystrophy drug candidates.
