Sarepta Therapeutics (NASDAQ:SRPT) Stock Falls 7.1% – Here’s What Happened

Shares of Sarepta Therapeutics, Inc. (NASDAQ:SRPT) traded down 7.1% during trading on Wednesday. The stock traded as low as $19.63 and last traded at $19.3350. 281,361 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 3,077,772 shares. The stock had previously closed at $20.81.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SRPT shares. Weiss Ratings raised shares of Sarepta Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 8th. Piper Sandler cut their price target on Sarepta Therapeutics from $23.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Wolfe Research upgraded Sarepta Therapeutics from a “peer perform” rating to an “outperform” rating and set a $27.00 price objective for the company in a research note on Thursday, July 9th. Wall Street Zen cut Sarepta Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Benchmark reissued a “sell” rating on shares of Sarepta Therapeutics in a report on Wednesday, September 9th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $24.07.

Sarepta Therapeutics Stock Performance

The company has a debt-to-equity ratio of 0.55, a current ratio of 4.42 and a quick ratio of 2.62. The firm has a fifty day simple moving average of $18.76 and a 200 day simple moving average of $18.77. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of -6.34, a price-to-earnings-growth ratio of 0.30 and a beta of 0.27.

Sarepta Therapeutics (NASDAQ:SRPT) last announced its earnings results on Wednesday, August 5th. The biotechnology company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.42. The firm had revenue of $401.25 million for the quarter, compared to analyst estimates of $366.39 million. Sarepta Therapeutics had a negative return on equity of 1.60% and a negative net margin of 13.48%.The business’s revenue was down 34.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 EPS. On average, analysts anticipate that Sarepta Therapeutics, Inc. will post 3.53 earnings per share for the current fiscal year.

Institutional Trading of Sarepta Therapeutics

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Sarepta Therapeutics in the 2nd quarter valued at about $341,339,000. First Trust Advisors LP raised its holdings in shares of Sarepta Therapeutics by 107.6% during the first quarter. First Trust Advisors LP now owns 4,135,788 shares of the biotechnology company’s stock valued at $89,995,000 after acquiring an additional 2,143,211 shares during the last quarter. Erste Asset Management GmbH raised its holdings in shares of Sarepta Therapeutics by 1.6% during the fourth quarter. Erste Asset Management GmbH now owns 2,728,945 shares of the biotechnology company’s stock valued at $58,727,000 after acquiring an additional 43,000 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Sarepta Therapeutics by 26.6% in the first quarter. Bank of America Corp DE now owns 2,145,926 shares of the biotechnology company’s stock valued at $46,695,000 after acquiring an additional 450,336 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Sarepta Therapeutics by 43.6% in the first quarter. Renaissance Technologies LLC now owns 1,665,078 shares of the biotechnology company’s stock valued at $36,232,000 after acquiring an additional 505,500 shares in the last quarter. Institutional investors and hedge funds own 86.68% of the company’s stock.

About Sarepta Therapeutics

Sarepta Therapeutics, Inc is a biotechnology company focused on developing and commercializing genetic medicines for rare diseases. Its research platforms include RNA-based technologies, gene therapy and gene-editing approaches designed to address the underlying causes of genetic disorders.

The company’s primary commercial focus has been Duchenne muscular dystrophy (DMD). Sarepta markets Exondys 51, Vyondys 53 and Amondys 45, exon-skipping therapies for eligible patients with specific genetic mutations, as well as Elevidys, a gene therapy developed to treat certain patients with DMD.