UPDATE: Deutsche Bank Downgrades Sarepta Therapeutics to Hold, Lowers PT Following FDA Announcement That NDA Filing is Premature

In a report published Wednesday, Deutsche Bank analyst Robyn Karnauskas downgraded the rating on Sarepta Therapeutics SRPT from Buy to Hold, and lowered the price target from $71.00 to $17.00. In the report, Deutsche Bank noted, “Sarepta announced that the FDA now says NDA filing is premature and that they want a placebo controlled trial that could delay a launch. We are downgrading the stock and see increased risk due to uncertainty on design and timelines and have reduced the prob. of success. We still believe in the technology but wait for more clarity. We continue to see SRPT as a long term technology play but right now there are questions beyond that.” Sarepta Therapeutics closed on Tuesday at $13.05.