Sarepta Therapeutics Inc (NASDAQ:SRPT), a developer of innovative RNA-targeted therapeutics, today announced the closing of its previously announced underwritten public offering of an aggregate of 3,250,000 shares of its common stock at a price to the public of $39.00 per share. The gross proceeds from the offering, before deducting the underwriter discounts and commissions and other offering expenses, were approximately $127 million. In addition, Sarepta has granted the underwriters a 30-day option to purchase up to an additional 487,500 shares of common stock on the same terms and conditions as the initial shares sold to the underwriters.
Credit Suisse and Morgan Stanley acted as joint book-running managers for the offering. In addition, Baird, William Blair, Needham & Company, Oppenheimer & Co. and Roth Capital Partners acted as co-managers for the offering.
Sarepta intends to use the net proceeds from the offering principally for product and commercial development, manufacturing, any business development activities and for general corporate purposes. (Original Source)
Shares of Sarepta Therapeutics opened today at $37.74 and are currently trading up at $38.11. SRPT has a 1-year high of $41.97 and a 1-year low of $11.33. The stock’s 50-day moving average is $36.27 and its 200-day moving average is $27.05.
On the ratings front, Sarepta has been the subject of a number of recent research reports. In a report issued on October 2, Wedbush analyst Heather Behanna upgraded SRPT to Buy, with a price target of $56, which implies an upside of 48.4% from current levels. Separately, on October 1, Piper Jaffray’s Edward Tenthoff maintained a Buy rating on the stock and has a price target of $48.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Heather Behanna and Edward Tenthoff have a total average return of 14.6% and 8.9% respectively. Behanna has a success rate of 50.0% and is ranked #771 out of 3772 analysts, while Tenthoff has a success rate of 41.4% and is ranked #694.
Overall, one research analyst has assigned a Hold rating and 9 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 $47.67 which is 26.3% above where the stock opened today.
Sarepta Therapeutics Inc is a biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare, infectious and other diseases.