Summer Street Says Fast Track Unlikely for Sarepta's Eteplirsen

Summer Street released a note to clients Tuesday morning arguing Sarepta's (NASDAQ: SRPT) eteplirsen drug is unlikely to be approved under Subpart H accelerated approval given its 12-patient Phase 2 trial.According to the firm, an FDA source recently cited a comparison of eteplirsen's dystrophin production to Vertex's (NASDAQ: VRTX) cystic fibrosis drug Kalydeco. Vertex's drug showed early dramatic sweat chloride reductions but still needed 2-48 week Phase 3 studies.Sarepta shares are up 1.4 percent to $30.49 in mid-day action Tuesday.