Sarepta Therapeutics Doubles In A Week

Loading...
Loading...
Sarepta Therapeutics
SRPT
shares are trading higher by $2.45 in Monday's session. It more than doubled since last Tuesday's low $8. The issue swooned from Friday, April 22 close ($14.95) to $8.00 on Tuesday (was halted on Monday do to FDA hearing), when it was announced that their blockbuster drug, Eteplirsen, would not receive approval for the treatment of Duchenne muscular dystrophy. From the opening print on Tuesday, the issue began to rally for two reasons. First of all, short-seller anticipating a negative vote were attempting to cover their winning positions. Also, immediately there was speculation that the drug may eventually receive approval at the final vote on May 26. The speculation intensified on Thursday, when The Street.com's Adam Feuerstein tweeted that FDA may face a big long-term liability is the the drug is not approved. The tweet instigated another leg higher and took the issue as high as $15.13 that day before falling back to close $14.19. The continued rally in today's session was in part fueled by an upgrade from Oppenheimer from Perform to Outperform. At this time, it has reached $17.22 and is not far off that level. Based on the daily charts, the next identifiable resistance level is its April 20 high ($20.95). That was the level reached four days ahead of the report as nervous longs decided to exit the issue ahead of the actual FDA decision for various reasons.
Loading...
Loading...
Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...