Oppenheimer Raises Sarepta's Target From $60 To $76

Shares of Sarepta Therapeutics Inc SRPT have nearly doubled Monday, up 87 percent after the U.S. Food And Drug Administration accelerated approval for its Duchenne Muscular Dystrophy (DMD) drug, Eteplirsen.

The drug is the first of its kind to fight this rare disease, which typically kills patients before the age of 30.

Related Link: Sarepta's Eteplirsen Receives Accelerated FDA Approval, Shares Soar 80%

Oppenheimer reiterated its Outperform Rating on Sarepta and raised its 12-18 month price target from $60 to $76.

"Eteplirsen's approval is in line with our expectations, though the label is more inclusive than we had anticipated," the firm said. "We anticipate eteplirsen revenues to begin in 4Q16 and update our launch estimates to reflect label, post-marketing requirements, and launch delay. Sarepta will also receive a Rare Pediatric Disease Priority Review voucher, which could be worth up to $350M. We continue to model a 4Q16 financing to support launch."

The stock traded recently at $53.13, up 88 percent.