Sell The News In Sarepta Therapeutics

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Sarepta Therapeutics

shares are trading lower by $2.60 atg $28.66 in Monday's session. The decline is taking place even though the company completed its NDA submission to FDA for Eteplirsen for the treatment of Duchenne Muscular Dystrophy amenable to Exon 51 skipping. The announcement instigated a higher opening ($31.78 vs. Friday's close of $31.26), however, after topping out a nickel higher at $31.83, profit-takers came into the issue. Keep in mind, the volatile issue has doubled since its May 19 close ($16.38), reaching $32.94 on June 24. The catalyst for that rally was also related to company's progress towards getting FDA approval for Eteplirsen. The retreat from the open has found some intraday support at $28.30 and it has rebounded back towards $29. the current low coincides with a pari of lows from June 16 ($28.27) and June 17 ($28.32).