Oppenheimer lowered the firm’s price target on Sarepta (SRPT) to $45 from $123 and keeps an Outperform rating on the shares. The firm says Sarepta’s investor call addressed the risk-mitigating plan the company is bringing forward in response to the second unfortunate death of a non-ambulatory patient from acute liver failure. The timing of the immunosuppressive protocol amendment for non-ambulatory patients is uncertain and with non-ambulatory ELEVIDYS shipments temporarily halted and the second death likely negatively affecting adoption in ambulatory patients, Sarepta has suspended FY25 product revenue guidance of $2.3B-$2.6B. While Oppenheimer does not anticipate a restricted ELEVIDYS label, it is removing non-ambulatory projections from its estimates, reducing the TAM to an incidence-based ambulatory population, and cutting the multiple assigned to ELEVIDYS to 3-times from 8-times.
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