Sarepta down 10% on new adverse event report, says Deutsche Bank

Deutsche Bank attributes the 10% selloff in shares of Sarepta (SRPT) over the past week, at least in part, to a new entry appearing in the FDA Adverse Event Reporting System for Elevidys. There is a patient that is reported as having drug-induced liver injury and increased alanine transaminase/aspartate transaminase levels, which was categorized as a serious adverse event and logged on August 22, appearing to have originated from Russia, the analyst tells investors in a research note. However, Sarepta told Deutsche Bank the patient was already disclosed in the safety update provided to the patient community and in the company’s Citizen Petition response. Management said the case was classified as serious only because the patient was hospitalized to receive IV steroids, which he responded well to, the firm adds. Deutsche has a Sell rating on Sarepta with a $12 price target