Sarepta Therapeutics Volatile After Traders React To Exondys 51 Adverse Events
Sarepta Therapeutics (NASDAQ:SRPT) shares are trading lower by $1.50 at $45.59 in Friday's session. Off the open, the issue made a test of Thursday's high ($47.78), but only reached $47.72. Just after 10 a.m. EST, investors reacted to a FDA report of 11 serious cases of adverse effects, including three deaths related to Exondys 51.
That news instigated a freefall in the issue that did not find support until $42.97. That low comes in between its Sept. 11 low ($42.35) and its Sept. 12 low ($43.57). The rebound off that low was aided by Adam Feuerstein, who spoke with company and was informed the causes of "all three deaths were older patients who were at the end of their life; not related to the study drug."
At this time (12:10 p.m. EST), the rebound off the intraday low has been capped at $46.40.
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