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Since the FDA's announcement, the stock has lost more than half of its value. Some Wall Street analysts are
not convinced Sarepta's new drug launch will live up to the Street's expectations.Alethia Young, a biotechnology analyst with Credit Suisse, commented in a research report on Thursday that despite Sarepta's volatility the stock remains a favorite small cap idea.
Analyst Commentary
The analyst is modeling Sarepta's new drug, which will be marketed as EXONDYS 51 to see revenue of $84 million for the full year 2017, marking a decrease from the analyst's prior projection of $159 million.Young continued that Sarepta is expected to provide commentary around EXONDYS demand at the upcoming JPMorgan Healthcare Conference on January 10. Moreover, the company's commentary will give better clarity surrounding the drug's launch.
"We think shares could easily move 10–15 percent around the upcoming update," Young stated. "We expect the shares could be volatile until we get more info around the launch. We think that the key debate on the name is around concerns that 2017 expectations are too high. We may get sales or a patient estimate for 4Q16, which is another piece that will help us frame 2017 better."
Bottom line, Young stated that while the revenue revision does represent a "major change" in the company's near-term outlook it doesn't meaningfully affect the stock's outlook. Shares remain Outperform rated with a price target lowered by $2 per share to $66.Crypto Whales Are Loading Up — Are You?
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.