Sarepta Therapeutic (NASDAQ:SRPT) was downgraded by equities research analysts at Piper Jaffray Cos. from an “overweight” rating to an “underweight” rating in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $20.00 price target on the stock, down from their previous price target of $58.00. Piper Jaffray Cos.’s price target would suggest a potential downside of 45.25% from the company’s current price.
The analysts wrote, “In a negative surprise this morning, the FDA has reversed its view on eteplirsen and now views the NDA submission on the existing Phase IIb data as ‘premature’. We expect the agency will now require a confirmatory study with 2-year follow-up pushing out potential approval to late 2017/early 2018 from our prior expectation of late 2014. Sarepta ended 3Q:13 with $281 million in cash, having likely exercised some of an outstanding ATM in the quarter. We are downgrading Sarepta to Underweight from Overweight and cutting our price target to $20 from $58 due to the push out in approval.”
A number of other firms have also recently commented on SRPT. Analysts at FBR & Co. initiated coverage on shares of Sarepta Therapeutic in a research note to investors on Wednesday, October 30th. They set a “market perform” rating on the stock. Separately, analysts at FBR Capital Markets initiated coverage on shares of Sarepta Therapeutic in a research note to investors on Wednesday, October 30th. They set a “market perform” rating and a $48.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “fair value” rating on shares of Sarepta Therapeutic in a research note to investors on Monday, October 7th. They now have a $213.00 price target on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. Sarepta Therapeutic currently has a consensus rating of “Hold” and an average target price of $62.01.
Sarepta Therapeutic (NASDAQ:SRPT) traded down 58.51% on Tuesday, hitting $15.17. 16,232,152 shares of the company’s stock traded hands. Sarepta Therapeutic has a 1-year low of $23.46 and a 1-year high of $55.61. The stock has a 50-day moving average of $43. and a 200-day moving average of $38.72. The company’s market cap is $508.6 million.
Sarepta Therapeutic (NASDAQ:SRPT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.63) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.65) by $0.02. The company had revenue of $4.20 million for the quarter, compared to the consensus estimate of $4.57 million. During the same quarter in the previous year, the company posted ($2.17) earnings per share. The company’s revenue for the quarter was down 44.7% on a year-over-year basis. Analysts expect that Sarepta Therapeutic will post $-3.21 EPS for the current fiscal year.
Sarepta Therapeutics Inc, formerly AVI BioPharma, Inc, is a biopharmaceutical company focused on the discovery and development of ribonucleic acid (NASDAQ:SRPT)-based therapeutics for the treatment of both rare and infectious diseases.
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