UPDATE: Burril Initiates Sarepta Therapeutics at Market Outperform on Eteplirsen Potential
Burril initiated coverage on Sarepta Therapeutics (NASDAQ: SRPT) with a Market Outperform rating and a $54 price target.
Burril commented, "Sarepta is currently in clinical trials evaluating Eteplirsen, a novel RNA splicing modulator poised to correct genetic mutations which result in a dysfunctional protein and cause diseases of large unmet need. To date, the company has demonstrated both safety and preliminary efficacy in Phase 1 and Phase 2 trials with patients amenable to Exon 51 therapy in Duchenne's Muscular Dystrophy (DMD). Given the final encouraging results from the 201/202 Phase 2 study, we believe shares are poised to move higher. If successful, we believe Sarepta's directed alternative splicing technology has the potential to revitalize the RNA therapeutics space and address multiple multi-billion dollar orphan disease markets."
Sarepta Therapeutics closed at $29.35 on Friday.
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