Wedbush raised the firm’s price target on Sarepta (SRPT) to $35 from $29 and keeps an Outperform rating on the shares after including SRP-1001 for facioscapulohumeral muscular dystrophy and SRP-1003 for myotonic dystrophy type 1 into valuation, based on positive preliminary data reported from the Phase 1/2 studies yesterday. Both SRP-1001 and SRP-1003 showed a strong safety profile with no dose limiting toxicities or treatment-related SAEs, as well as dose-dependent plasma exposure. Wedbush projects SRP-1001 and SRP-1003 to enter the U.S. market in 2031 and 2032, through accelerated approval pathway that other more advanced programs for the same indications have helped to established, with modest 20% and 10% probability of success, respectively. Despite the early stage of the programs, the firm sees the initial data as a critical step forward for Sarepta’s siRNA portfolio to create significant value for the stock.
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