Zacks Investment Research Upgrades Sarepta Therapeutics, Inc. (SRPT) to Buy
Sarepta Therapeutics, Inc. (NASDAQ:SRPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm currently has a $54.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 9.51% from the company’s previous close.
According to Zacks, “Sarepta beat estimates for both earnings and sales in the third quarter and raised its 2017 sales outlook. Exondys 51 is the first DMD treatment to gain approval in the United States. Also, a potential marketing approval in the EU should further boost sales.The company is also focused on reimbursement programs. Moreover, the company’s collaboration agreements with Summit Pharmaceuticals and Catabasis as well as its own follow-on exon-skipping pipeline candidates represent the most comprehensive approach to treat DMD. Meanwhile, the settlement of the patent litigation with BioMarin removes a major overhang for Sarepta. However, dependence on a single product, Exondys 51, is a concern. Nonetheless, Sarepta expects a pickup in patient starts and conversion rates as 2017 progresses. The company’s shares have outperformed the industry so far this year.”
Several other analysts also recently issued reports on SRPT. Needham & Company LLC restated a “buy” rating on shares of Sarepta Therapeutics in a report on Friday, October 27th. Barclays PLC lifted their target price on Sarepta Therapeutics from $46.00 to $49.00 and gave the company an “equal weight” rating in a research note on Thursday, October 26th. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Sarepta Therapeutics in a research note on Thursday, October 26th. Robert W. Baird reissued a “buy” rating and issued a $101.00 price target on shares of Sarepta Therapeutics in a research note on Tuesday, October 17th. Finally, Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $76.00 price target on shares of Sarepta Therapeutics in a research note on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Sarepta Therapeutics has a consensus rating of “Buy” and an average price target of $63.59.
Sarepta Therapeutics (NASDAQ SRPT) opened at 49.31 on Monday. The stock has a 50 day moving average of $48.43 and a 200-day moving average of $38.92. Sarepta Therapeutics has a one year low of $26.26 and a one year high of $52.67. The stock’s market cap is $3.17 billion.
Sarepta Therapeutics (NASDAQ:SRPT) last issued its quarterly earnings data on Wednesday, October 25th. The biotechnology company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.66. Sarepta Therapeutics had a negative net margin of 112.08% and a negative return on equity of 62.44%. The business had revenue of $45.95 million for the quarter, compared to analysts’ expectations of $41.29 million. During the same period in the previous year, the business earned ($0.95) earnings per share. Analysts anticipate that Sarepta Therapeutics will post ($1.00) EPS for the current year.
In related news, SVP Shamim Ruff sold 11,500 shares of the business’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $50.00, for a total transaction of $575,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 9.60% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SRPT. BlackRock Inc. grew its position in shares of Sarepta Therapeutics by 4,403.1% in the 1st quarter. BlackRock Inc. now owns 5,292,729 shares of the biotechnology company’s stock valued at $156,664,000 after buying an additional 5,175,193 shares during the last quarter. State Street Corp grew its position in shares of Sarepta Therapeutics by 21.2% in the 1st quarter. State Street Corp now owns 3,197,127 shares of the biotechnology company’s stock valued at $94,641,000 after buying an additional 559,342 shares during the last quarter. Voya Investment Management LLC grew its position in shares of Sarepta Therapeutics by 2,786.1% in the 2nd quarter. Voya Investment Management LLC now owns 568,525 shares of the biotechnology company’s stock valued at $19,165,000 after buying an additional 548,826 shares during the last quarter. HealthCor Management L.P. grew its position in shares of Sarepta Therapeutics by 31.1% in the 2nd quarter. HealthCor Management L.P. now owns 2,031,890 shares of the biotechnology company’s stock valued at $68,495,000 after buying an additional 481,890 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its position in shares of Sarepta Therapeutics by 33.4% in the 2nd quarter. Eagle Asset Management Inc. now owns 798,412 shares of the biotechnology company’s stock valued at $26,914,000 after buying an additional 200,103 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.
Sarepta Therapeutics Company Profile
Sarepta Therapeutics, Inc is a biopharmaceutical company. The Company focuses on the discovery and development of ribose nucleic acid (RNA)-targeted therapeutics for the treatment of rare neuromuscular diseases. It operates through discovering, developing, manufacturing and delivering therapies to patients with Duchenne muscular dystrophy (DMD).
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