Needham analyst Gil Blum has reiterated their bearish stance on SRPT stock, giving a Sell rating today.
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Gil Blum has given his Sell rating due to a combination of factors affecting Sarepta Therapeutics. The recent selloff in the company’s stock was triggered by negative headlines, including the European Medicines Agency’s decision not to recommend Elevidys for approval. This outcome was anticipated due to previous negative trial results and safety concerns, yet it still impacted the stock negatively.
Additionally, the situation was exacerbated by reports of an 8-year-old patient’s death in Brazil following treatment with Elevidys, although the company stated it was not related to the treatment. These incidents highlight the significant risks associated with holding Sarepta shares, and with no immediate solutions in sight, the stock remains vulnerable. As a result, Gil Blum maintains a cautious stance, reiterating a Sell rating on the stock.
Blum covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Nurix Therapeutics, and Crispr Therapeutics AG. According to TipRanks, Blum has an average return of -6.7% and a 37.96% success rate on recommended stocks.