Piper Sandler lowered the firm’s price target on Sarepta (SRPT) to $70 from $110 and keeps an Overweight rating on the shares. The firm notes Tuesday has been “a doozy of a day” for Sarepta, with the announcement of Vinay Prasad as the new head of the FDA’s CBER and a miss on Q1 earnings, where Elevidys net revenue came in at $375M. While Piper remains a buyer on the weakness, it adjusted its price target down to align its estimates with the company’s updated revenue guidance for 2025 and the more challenging macro-outlook for gene therapies with Prasad at the helm of CBER.
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