Market Overview

Credit Suisse Joins Consensus To Prescribe Sarepta

Share:
Credit Suisse Joins Consensus To Prescribe Sarepta

The Street has a lot of faith in Sarepta Therapeutics, Inc. (NASDAQ: SRPT). The biotech firm notched its 20th bullish rating Thursday to further neutralize a lone Hold.

The Rating

Credit Suisse analysts Martin Auster, Mark Connolly and Tiago Fauth initiated coverage on Sarepta with an Outperform rating and a $178 price target.

The Thesis

Credit Suisse’s sum-of-the-parts analysis indicates significant upside opportunity for the Duchenne muscular dystrophy combatant.

“Despite high expectations for the DMD gene therapy program, we see room for continued share appreciation as the program develops,” Auster, Connolly and Fauth wrote in a note. “While we expect initial data from all three clinical stage gene therapy programs likely will demonstrate robust dystrophin expression in skeletal muscle, we think SRPT’s first mover advantage and strong initial data sets a high bar and a strong competitive position.”

The analysts expect Sarepta to release DMD gene therapy data in October, with Pfizer Inc. (NYSE: PFE) and Solid Biosciences Inc (NASDAQ: SLDB) following in 2019. The “first mover” is modeled to seize a 50-percent market share in with peak sales near $4 billion and annual recurring revenue of $1.5 billion.

Credit Suisse sees Sarepta’s DMD gene therapy representing $99 per share and PMO and PPMO candidates contributing between $35 and $60.

Price Action

Sarepta shares traded up about 1.4 percent to $142.76 at time of publication.

Related Links:

Morgan Stanley Buys Into Sarepta Amid Sell-Off, Sees $600M Recurring Opportunity In DMD Candidate

Sarepta's Clinical Hold Could Be A Solid Biosciences Catalyst, Says Bullish Chardan Analyst

Latest Ratings for SRPT

DateFirmActionFromTo
Apr 2020Morgan StanleyMaintainsOverweight
Mar 2020MizuhoInitiates Coverage OnBuy
Feb 2020JP MorganMaintainsOverweight

View More Analyst Ratings for SRPT
View the Latest Analyst Ratings

 

Related Articles (SRPT)

View Comments and Join the Discussion!

Posted-In: Credit Suisse Mark Connolly Martin Auster Tiago FauthAnalyst Color Price Target Initiation Analyst Ratings Best of Benzinga

Latest Ratings

StockFirmActionPT
TRVINeedhamMaintains12.0
VLOScotiaBankMaintains72.0
PSXScotiaBankMaintains79.0
MPCScotiaBankMaintains48.0
HFCScotiaBankMaintains36.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com