Sarepta price target lowered to $58 from $87 at RBC Capital

RBC Capital lowered the firm’s price target on Sarepta (SRPT) to $58 from $87 and keeps a Sector Perform rating on the shares. Reverberations from the patient death, administrative complexities, and capacity issues led gene therapy Elevidys to miss expectations and for the management to materially lower revenue guidance, the analyst tells investors in a research note. While shares look to have reached a possible fundamental floor, given that Elevidys sales are more of a moving target and with greater regulatory uncertainty, there is added risk to existing and future programs, the firm adds.