Sarepta price target lowered to $98 from $112 at Guggenheim

Guggenheim lowered the firm’s price target on Sarepta (SRPT) to $98 from $112 and keeps a Buy rating on the shares. Management lowered its fiscal year outlook by about 20% and now expects product sales between $2.3B-$2.6B, notes the analyst, who points out that the stock was trading lower by 20% in the after-market on the heels of a 27% decline intraday. The firm says the intraday move reflects “dual uncertainties” associated with the new CBER Director around the scope of the Elevidys label and the future of biomarker-based approvals for its LGMD portfolio, but adds that buying Sarepta at its current sales multiple is “compelling,” if both concerns remain unfounded.