Sarepta Explodes On Monster Volume Following Progress With FDA

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Sarepta Therapeutics Inc SRPT shares were trading higher by $10.88 (65 percent) at $27.26 in Wednesday's session. The catalyst for the rally is a plan to submit rolling NDA for Eteplirsen following today's pre-NDA meeting with the FDA.

SunTrust also upgraded the stock to Buy from Neutral.

After ending Tuesday's session at $16.38, it moved sharply higher in pre-market trading and opened at $23.28, followed by a pullback to $21.81 area and the resumption of the move higher.

The ensuing rally reached $27.49 and made new highs for the session. It is trading at levels not seen July 7, 2014, when it peaked at $27.96.

Today's price action is taking place on much higher than average volume. It has traded 17.1 million shares compared with its 20-day average of 2 million shares.

Editor's note: At time of publication, shares traded at $27.06, up $10.68.