UPDATE: Piper Jaffray Reiterates Sarepta Therapeutics at Buy on Positive Eteplirsen Data
Piper Jaffray maintained its Buy rating and $38 price target on Sarepta Therapeutics (NASDAQ: SRPT) following data showing consistent benefit for the company's treatment.
Piper Jaffray commented, "This morning Sarepta announced maintenance of clinical benefit up to 62 weeks for eteplirsen treated patients from the Phase IIb extension study 202. Data comparing the eteplirsen and placebo/ treatment delayed groups through week 62 showed a 61.9 m (p=0.007) statistically significant difference. Sarepta is preparing briefing documents to submit to the FDA for an end-of-Phase II meeting, likely to be held in 1Q:13. The company will ask the agency if eteplirsen is appropriate for accelerated approval. Regardless, Sarepta will conduct a confirmatory study to begin in 2014. We continue to believe eteplirsen shows significant, meaningful clinical benefit and reiterate our Overweight rating and $38 price target."
Sarepta Therapeutics closed at $27.48 on Thursday.
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