Who Ignited The Rally In Sarepta Therapeutics?
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Sarepta Therapeutics Inc (NASDAQ: SRPT) shares are trading sharply higher by $1.91 at $14.67 in Tuesday's session.
The catalyst for the rally has been an upgrade by Bank of America to a "Buy" rating. Bank of America is making the call ahead of a Q4 earnings report that will be announced on February 26.
The company has beat estimates in each of its previous three quarters, but shortfall in revenues in two of three quarters has exerted selling pressure on the issue.
Prior the upgrade, the issue had been mirrored in a consolidation period over the past month between its year low ($11.33) and $13.00. On the heels of the upgrade, traders took the issue all the way to $14.45 before finding willing sellers.
That puts the issue at its highest level since January 19, when it peaked at $14.74 and ended the session at $13.95.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.