Incidentally, reports link the regulator's rejection of BioMarin Pharmaceutical Inc. BMRN for a similar drug in January. While the market cap of Sarepta is about $4.61 Billion, BioMarin's market cap is $17.03 billion.
Investors and analysts have become bullish on the stock after the company indicated the pricing of the product. The drug will cost about $300,000 a year, and the company indicated that it is too early to provide any addressable patient pool during a conference call on Monday.
The drug, Exondys 51, will be available in 2mg and 10mg with a price tag of $1,600 and $8,000 respectively. According to Cowen's analyst estimate, Sarepta could generate peak sales of about $550 million from America while European Union could add $400 million revenue.
Following the multiple favorable news, different brokerages have issued their ratings, which are given below briefly:
- Cowen upgraded from Market Perform to Outperform rating with a target price of $64.
- Jefferies lifted its rating from Underperform to Hold with a price tag of $50.
- Oppenheimer maintains an Outperform rating and boosted price objective from $60 to $76.
- William Blair upgraded the stock from Market Perform to an Outperform rating with $88 as the price target.
- Janney Capital lifted its rating from Neutral to Buy with a target price of $65.
- Piper Jaffray boosted its rating from Neutral to Overweight.
- SunTrust upgraded the stock from Reduce to Neutral.
At time of writing, Sarepta traded up by $6.07, or 12.33 percent, to $54.96.
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