For healthcare stock Sarepta Therapeutics (NASDAQ:SRPT), it was a fantastic day packed full of good news. From a warm and fuzzy analyst perspective to positive drug developments to killer earnings. With Sarepta up nearly 20% at the time of writing, you can see just how good the news was as far as investors were concerned.
Sarepta’s fourth quarter results proved a winner, as Sarepta turned in earnings per share of -$1.24, whereas analyst consensus expected -$1.47. Total revenue came in at $258.4 million, which not only beat analyst consensus looking for $250.51 million but also increased 28.3% year-over-year.
Decent earnings weren’t the only thing keeping Sarepta aloft, though; Morgan Stanley analyst Matthew Harrison upgraded Sarepta to a Buy with a price target of $187. That upgrade was immediately connected to a third piece of good news – the FDA wouldn’t require an advisory committee meeting about Sarepta’s marketing application for its gene therapy, known as SRP-9001. In fact, the FDA went so far as to give SRP-9001—which targets muscular dystrophy—a priority review status.
Analyst consensus is overwhelmingly positive for Sarepta Therapeutics stock as well. Currently, Sarepta stock is considered a Strong Buy with 18.54% upside potential, thanks to its average price target of $173.
