Sarepta Therapeutics (SRPT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Biren Amin from Piper Sandler downgraded the rating on the stock to a Hold and gave it a $36.00 price target.
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Biren Amin has given his Hold rating due to a combination of factors impacting Sarepta Therapeutics. The primary concern is the recent report of a second death in a non-ambulatory patient, which has been attributed to acute liver failure following treatment with Elevidys. This incident has led Sarepta to suspend commercial shipments of Elevidys for non-ambulatory patients and pause dosing in the ENVISION trial until a new immunosuppression regimen is approved by regulatory authorities.
Despite the treatment approach for ambulatory patients remaining unaffected, there is an expectation that sales in this segment will also face negative impacts. Consequently, the peak sales forecast for Elevidys has been revised downward. These developments, coupled with the inherent risks associated with clinical, commercial, and regulatory aspects, have influenced the decision to maintain a Hold rating on the stock.
According to TipRanks, Amin is an analyst with an average return of -2.6% and a 40.82% success rate. Amin covers the Healthcare sector, focusing on stocks such as BridgeBio Pharma, Sarepta Therapeutics, and Monopar Therapeutics Inc.
In another report released yesterday, BMO Capital also downgraded the stock to a Hold with a $70.00 price target.