Sarepta Therapeutics, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Yanan Zhu from Wells Fargo maintained a Buy rating on the stock and has a $65.00 price target.
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Yanan Zhu’s rating is based on the potential for continued use of Elevidys in ambulatory patients despite recent challenges. The FDA’s request to pause shipments of Elevidys followed the disclosure of a patient’s death, but Zhu believes the absence of deaths among ambulatory patients and the demonstrated benefits in clinical studies support the continued use of the treatment.
Furthermore, Zhu highlights that there is significant support from parents and physicians who see the benefits of Elevidys for younger patients, especially given the lack of alternative treatments. Zhu also notes that the likelihood of the FDA revoking the ambulatory label is low, as such a move would require a process that has not been previously undertaken without the sponsor’s cooperation. This context underpins Zhu’s confidence in Sarepta Therapeutics’ stock, leading to the Buy rating.
According to TipRanks, Zhu is an analyst with an average return of -2.9% and a 35.68% success rate. Zhu covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Taysha Gene Therapies, and Ionis Pharmaceuticals.
In another report released on July 18, UBS also maintained a Buy rating on the stock with a $45.00 price target.