Sarepta Therapeutics Inc (NASDAQ:SRPT) announced that it has priced an underwritten public offering of an aggregate of 5.02 million shares of its common stock at a price to the public of $59.75 per share. In addition, Sarepta has granted the underwriters a 30-day option to purchase up to an additional 753,138 shares of common stock on the same terms and conditions as the initial shares sold to the underwriters. Sarepta anticipates the gross proceeds from the offering, before deducting the underwriter discounts and commissions and other offering expenses, to be approximately $300 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about September 28, 2016, subject to customary closing conditions.
J.P. Morgan and Goldman, Sachs & Co. are acting as joint book-running managers of the proposed offering. Credit Suisse is also acting as a joint book-runner. In addition, Baird,Needham & Company, Oppenheimer & Co., Wedbush PacGrow and WBB Securities, are acting as co-managers for the offering.
Sarepta intends to use the net proceeds from the offering principally for the continuation and initiation of further clinical trials, commercialization, manufacturing, business development activities including the potential licensing or acquisition of complementary products and technologies and other general corporate purposes.(Original Source)
Shares of Sarepta closed today at $60.97, up $4.75 or 8.45%. SRPT has a 1-year high of $61.60 and a 1-year low of $8. The stock’s 50-day moving average is $29.05 and its 200-day moving average is $21.62.
On the ratings front, Sarepta has been the subject of a number of recent research reports. In a report issued on September 20, Oppenheimer analyst Michelle Gilson reiterated a Buy rating on SRPT, with a price target of $76, which implies an upside of 25% from current levels. Separately, on the same day, Cowen’s Ritu Baral upgraded the stock to Buy and has a price target of $64.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michelle Gilson and Ritu Baral have a total average return of 56.6% and 20.4% respectively. Gilson has a success rate of 67% and is ranked #160 out of 4175 analysts, while Baral has a success rate of 52% and is ranked #40.
Overall, 3 research analysts have assigned a Hold rating and 11 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 $71.67 which is 17.5% above where the stock opened today.
Sarepta Therapeutics, Inc. is a biopharmaceutical company, which is engaged in the discovery and development of unique RNA-based therapeutics for the treatment of rare and infectious diseases. The company is primarily focused on rapidly advancing the development of its potentially disease modifying duchenne muscular dystrophy drug candidates.