UPDATE: Deutsche Bank Upgraded, Raised Target on Sarepta, No Competition in Sight for Co.
In a report published Friday, Deutsche Bank Markets Research analyst Robyn Karnauskas upgraded Sarepta (NASDAQ: SRPT) to Buy and increased the PT to $71.
Karnauskas noted that Drisapersen didn't hit primary endpoints and older boys responded worse with treatment. This phase III trial failure of Drisapersen removes any competitive overhang for SRPT as Sarepta will get approval for Eteplirsen. The analyst wrote, “We think Eteplirsen can get a higher 80% share in Exon-51 DMD and assign 75% probability to success in both US and EU (we were previously assigning 0% probability to EU).”
Deutsche Bank pointed to “sensitivities over the long-run suggest FV in the $98-125/sh range” with a possible $88 increase given success of exon program.
SRPT closed at $43.30 on Friday, up more than 18 percent for the session.
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