Morgan Stanley lowered the firm’s price target on Sarepta (SRPT) to $113 from $182 and keeps an Overweight rating on the shares. Q1 Elevidys sales of $375M were down 10% quarter-over-quarter and negatively impacted by multiple headwinds and 2025 net product sales guidance decreased to $2.3B-$2.6B from $2.9B-$3.0B, reflecting lower Elevidys sales, the analyst noted. While the firm acknowledges near term challenges and lowered its Elevidys expectations and price target accordingly, it believes the potential of Elevidys is underappreciated and maintains an Overweight rating.
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