Update: Sarepta Therapeutics Gives Up Gains Following Notable Tweet

Shares of Sarepta Therapeutics Inc SRPT spiked higher on heavy volume and hit an intra-day high of $15.74 Tuesday afternoon. Sarepta's gain was short lived as the stock quickly gave up all gains and was trading lower by more than 2 percent mid-Tuesday afternoon. Investors and traders likely reacted to a Tweet made by Adam Feuerstein, a notable biotech analyst and contributor to The Street.

I haven't written about $SRPT in awhile, so…

— Adam Feuerstein (@adamfeuerstein) February 23, 2016

Feuerstein followed up with an article on The Street in which he suggested there is still "hope" that Sarepta could receive a favorable FDA ruling. The biotech pro pointed out a paragraph inside an "obscure FDA guidance document" which provides hope that the ongoing regulatory review of its eteplirsen for the treatment of Duchenne muscular dystrophy could see approval. "An interpretation of this FDA document suggests the eteplirsen review period was extended by three months from February to May because new clinical data submitted by Sarepta in January addressed the agency's concerns sufficiently to allow the drug to be approved," Feuerstein wrote. However, Feuerstein added that "nothing involving the FDA and the drug-review process is definitive." Nevertheless, there is still a glimmer of hope - "perhaps more than many investors realize given the steep decline in the value of Sarepta's stock price since November."