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Piper Jaffray reiterated its Overweight rating on Sarepta Therapeutics (NASDAQ: SRPT) but reduced its price target from $38 to $35.

Piper Jaffray said, "Sarepta raised net proceeds of ~$118 million in December, bringing pro forma cash to >$175 million to advance eteplirsen and other Duchenne Muscular Dystrophy (DMD) exon skipping drugs. The primary driver remains eteplirsen, for which Sarepta hopes to hold an end-of-Phase II meeting with the FDA, likely this quarter. Based on that meeting, Sarepta may seek accelerated approval of eteplirsen under PDUFA V. We continue to believe the drug meets the requirements for a Breakthrough Therapy. We reiterate our Overweight rating, however are trimming our price target to $35 from $38 to account for dilution from the recent deal."

Sarepta Therapeutics closed at $25.80 on Monday.

Latest Ratings for SRPT

Nov 2015Leerink SwannMaintainsMarket Perform
Oct 2015JefferiesInitiates Coverage onHold
Oct 2015WedbushUpgradesNeutralOutperform

View More Analyst Ratings for SRPT
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Price Target Intraday Update Analyst Ratings


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