UPDATE: Sarepta Downgraded by Citigroup on Eteplirsen Early Approval Setback - Sarepta Therapeutics (NASDAQ:SRPT)

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In a report published Monday, Citigroup analysts Yaron Werber and Jonathan Eckard downgraded

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Sarepta Therapeutics

(NASDAQ: SRPT) from a NEUTRAL to SELL, adjusting the price target to $13.The Citigroup analysts noted, “..we do not anticipate that FDA will reverse its view that eteplirsen's ph 2 data is not sufficient to file. We expect eteplirsen's approval will be delayed until at least ‘17. We view the path ahead as being risky, lengthy and expensive and the recent strong stock rebound on hopes for early filing is overdone.”SRPT closed previously on Friday at $20.44 and is currently trading around $18.02.