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Sarepta Therapeutics Inc (NASDAQ: SRPT) shares nearly doubled in September after the FDA granted accelerated approval for the company’s first drug, EXONDYS 51. However, Credit Suisse analyst Alethia Young believes Sarepta is just getting started.
Credit Suisse is anticipating the first EXONDYS 51 sales in Q4 of 2016 and sees a number of things to like about the drug and the stock. Young is confident that EXONDYS 51 will gain European approval in the near future, and Credit Suisse is predicting Sarepta could start seeing early success with its Exon 53 program next year.
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Young estimates Sarepta’s drugs could eventually treat 80 percent of Duchenne Muscular Dystrophy (DMD) patients.
Credit Suisse projects roughly $400 million in annual sales for EXONDYS 51 by 2020, but the firm also sees value elsewhere.
“We estimate unadjusted peak sales for Exon 53 and 45 indications of ~$670 million and ~$700 million respectively and assume a 15 percent probability of success to each exon target,” Young explained.
Credit Suisse has initiated coverage of Sarepta at Outperform with a $68 price target. Young added that the stock’s risk/reward is extremely compelling. She sees upside as high as $100 with a downside floor as high as $40.
At last check, Sarepta was up 0.88 percent at $49.37.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.