TD Cowen downgraded Sarepta (SRPT) to Hold from Buy with a price target of $24, down from $62. The firm sees increased probability of withdrawal of Elevidys FDA approval for non-ambulatory and even ambulatory patients if Sarepta “continues to lose support” from the Duchenne muscular dystrophy community. Given the 30% liver function test elevation rates, TD thinks Elevidys’ safety profile is being reevaluated across all DMD patients. The firm’s new price target is based on TD’s Elevidys discounted cash flow value discounted for probability of market withdrawal.
Claim 55% Off TipRanks
Trade SRPT with leveragePublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SRPT:
- Sarepta Therapeutics: Overcoming Challenges and Capturing Growth Opportunities Amid Elevidys Setback
- Roku upgraded, Sarepta downgraded: Wall Street’s top analyst calls
- Unusually active option classes on open June 17th
- Sarepta price target lowered to $30 from $60 at Baird
- Sarepta downgraded to Neutral from Buy at Goldman Sachs