Cut Guidance, Clinical Uncertainty, and PMO Franchise Risk Underscore Negative Risk–Reward for Sarepta

Needham analyst Gil Blum has reiterated their bearish stance on SRPT stock, giving a Sell rating yesterday.

Gil Blum has given his Sell rating due to a combination of factors tied mainly to Sarepta’s revised outlook for its key products. He notes that the company’s 2026 revenue guidance, particularly for Elevidys, has been cut to a range that sits well below prior expectations, and near-term sales for this therapy are projected to be flat to moderately declining, underscoring weak demand and persistent caution among patients and physicians.

Blum also highlights that Elevidys’ future in non-ambulatory patients depends on a clean safety outcome from the ENDEAVOR sirolimus prophylaxis cohort, introducing additional clinical risk. At the same time, Sarepta’s plan to seek full approval for Vyondys and Amondys using data from the failed ESSENCE trial raises concerns that the broader PMO franchise could be jeopardized, reinforcing a negative risk–reward profile for the stock.

In another report released yesterday, Bank of America Securities also reiterated a Sell rating on the stock with a $19.00 price target.

Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SRPT in relation to earlier this year.