Sarepta Therapeutics Inc (NASDAQ:SRPT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday, July 17th.
According to Zacks, “Sarepta has received a huge boost with the FDA approval of Exondys 51, the first DMD treatment to gain approval in the U.S. Also, a marketing application is under review in the EU, which if approved, should augment sales. 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. Sarepta’s shares have outperformed the industry in the last one year. However, Exondys 51’s commercial launch has been slower than expected due to slow patient starts and reimbursement hurdles. However, Sarepta expects a pickup in patient starts and conversion rates as 2017 progresses. Meanwhile, competition in the RNA-based treatment market remains a threat. Estimates have remained mostly stable ahead of the Q2 results. Sarepta has a mixed record of earnings surprises in the recent quarters.”
Several other research analysts have also issued reports on the stock. SunTrust Banks, Inc. raised shares of Sarepta Therapeutics from a “hold” rating to a “buy” rating and raised their target price for the company from $30.00 to $30.97 in a research note on Wednesday, April 5th. Vetr downgraded shares of Sarepta Therapeutics from a “buy” rating to a “hold” rating and set a $36.86 price target on the stock. in a research report on Monday, May 22nd. Cowen and Company reiterated a “buy” rating on shares of Sarepta Therapeutics in a research report on Friday, April 28th. Credit Suisse Group reiterated an “outperform” rating and issued a $64.00 price target on shares of Sarepta Therapeutics in a research report on Friday, June 30th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $102.00 price target on shares of Sarepta Therapeutics in a research report on Sunday, April 23rd. Eight analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $61.28.
Shares of Sarepta Therapeutics (NASDAQ:SRPT) traded up 3.57% during trading on Monday, hitting $38.34. 1,726,111 shares of the company were exchanged. Sarepta Therapeutics has a 12 month low of $24.31 and a 12 month high of $63.73. The company’s 50-day moving average price is $37.03 and its 200 day moving average price is $32.83. The stock’s market cap is $2.47 billion.
Sarepta Therapeutics (NASDAQ:SRPT) last issued its earnings results on Wednesday, July 19th. The biotechnology company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.46. The company had revenue of $35.01 million for the quarter, compared to analyst estimates of $22.52 million. Sarepta Therapeutics had a negative net margin of 180.07% and a negative return on equity of 62.68%. The company’s revenue for the quarter was up 350000.0% on a year-over-year basis. During the same quarter last year, the firm earned ($1.19) EPS. On average, equities analysts predict that Sarepta Therapeutics will post ($1.16) earnings per share for the current fiscal year.
In related news, SVP Shamim Ruff sold 12,138 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $42.97, for a total value of $521,569.86. Following the sale, the senior vice president now directly owns 27,312 shares in the company, valued at $1,173,596.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Alexander Cumbo sold 5,918 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $41.00, for a total value of $242,638.00. Following the completion of the sale, the senior vice president now owns 22,793 shares in the company, valued at $934,513. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,056 shares of company stock worth $3,224,208. Company insiders own 9.60% of the company’s stock.
Several institutional investors have recently modified their holdings of SRPT. Russell Investments Group Ltd. purchased a new position in shares of Sarepta Therapeutics during the fourth quarter worth $645,000. Renaissance Technologies LLC purchased a new position in shares of Sarepta Therapeutics during the fourth quarter worth $1,346,000. Metropolitan Life Insurance Co. NY raised its position in shares of Sarepta Therapeutics by 11.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 35,493 shares of the biotechnology company’s stock worth $974,000 after buying an additional 3,717 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Sarepta Therapeutics by 737.6% in the fourth quarter. AQR Capital Management LLC now owns 41,719 shares of the biotechnology company’s stock worth $1,144,000 after buying an additional 36,738 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Sarepta Therapeutics during the fourth quarter worth $11,181,000. 64.58% of the stock is currently owned by institutional investors.
About Sarepta Therapeutics
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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