Sarepta initiated with a Market Perform at Bernstein

Bernstein initiated coverage of Sarepta (SRPT) with a Market Perform rating and $13 price target The firm models Elevidys “as a zero going forward” and tells investors to do the same. The analyst is skeptical that a “short” 10-12 patient study would be sufficient for the FDA, despite a recent statement from an unnamed FDA official to that effect. Bernstein believes “it is only a matter of time before we learn of a death in an ambulatory patient that is deemed to be Elevidys-related.”