Sarepta price target lowered to $183 from $202 at Needham

Needham analyst Gil Blum lowered the firm’s price target on Sarepta (SRPT) to $183 from $202 and keeps a Buy rating on the shares. Roche reported in a letter addressed to the World Duchenne Organization that the European Medicines Agency is placing clinical studies of Elevidys in Europe on hold, the analyst tells investors in a research note. The clinical hold will remain in force pending further investigation of the previously reported patient death, the firm points out. Needham believes the action from European regulators “further emphasizes the risks” associated with systemic genetic medicine. Although it does not currently assign value to European Union sales, the firm anticipates read-through of this news to U.S. markets, “discouraging use, especially in non-ambulatory patients.” As such, Needham reduced its fiscal 2025 total product sales estimates from $3.2B to $2.6B.