H.C. Wainwright sees rejection for Sarepta in Europe tomorrow

H.C. Wainwright analyst Mitchell Kapoor reiterates a Sell rating on Sarepta (SRPT) with a 0c price target. The stock closed Wednesday down 2% to $13.32. The European Medicines Agency’s Committee for Medicinal Products for Human Use’s monthly meeting concludes tomorrow and Sarepta’s Elevidys is among the therapies up for review, the analyst tells investors in a research note. The firm expects the CHMP to recommend a European Union rejection of Elevidys on Friday, creating another downside catalyst for the shares. A negative decision “would mark yet another major setback” for Sarepta, cutting off a path to royalty revenue outside the U.S. from Roche (RHHBY) and putting renewed pressure on the stock, contends H.C. Wainwright.