Sarepta price target raised to $15 from $11 at Piper Sandler

Piper Sandler analyst Biren Amin raised the firm’s price target on Sarepta (SRPT) to $15 from $11 and keeps a Neutral rating on the shares. The firm notes that it learned that the FDA has lifted the voluntary hold of Elevidys in the ambulatory setting and that its investigation concluded that the death of an 8-year-old ambulatory boy was unrelated to Elevidys. While Sarepta will be resuming shipments of Elevidys “imminently” for ambulatory patients, the FDA will continue to maintain the hold for Elevidys in the non-ambulatory setting while it continues to investigate the two fatalities. Piper has updated its model to reinstate dosing in the ambulatory population, but still expects a modest impact to sales due to potential patient/provider hesitancy.