Piper Jaffray Reiterates Overweight Rating, $35 PT on Sarepta Therapeutics on Updated Eteplirsen Data

In a report published Friday, Piper Jaffray analyst Edward A. Tenthoff reiterated an Overweight rating and $35.00 price target on Sarepta Therapeutics SRPT. In the report, Tenthoff noted, “This morning Sarepta updated 74-week eteplirsen data in Duchenne Muscular Dystrophy (DMD) showing a statistically significant 62.4 meter benefit in the 6 minute walk test (6MWT) over the placebo/delayed-treatment group (p =0.007). While eteplirsen-treated patients demonstrated a <5% decline (13.4M) in 6MWT from baseline, we remain very encouraged as there are no treatment options for DMD. The primary near-term value driver is the company's decision to file for accelerated approval later this month. We continue to estimate that there is a 50/50 chance Sarepta will be able to file on existing data. We continue to rate SRPT shares Overweight and will review our price target later this month in conjunction with the company's decision to file.” Sarepta Therapeutics closed on Thursday at $34.43.