A director at Sarepta Therapeutics (NASDAQ:SRPT) recently purchased $3.7 million worth of SRPT stock. The biopharmaceutical company focuses on developing treatments for rare diseases. Shares of the company gained 4.7% in after-hours trading on Friday.
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According to the TipRanks insider trading tool, Sarepta’s Director, Michael Chambers, bought 34,867 shares of the company at a weighted average price of $106.14 per share on August 10. The total value of his holdings in the stock now stands at about $23.7 million.
As per the data collected by TipRanks, Chambers has had a commendable success rate of 100% in his two transactions over the past three months, with an average of 8.2% return per transaction.
Insider Confidence Signal
Overall, corporate insiders have bought SRPT shares worth $2.1 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Sarepta is currently Neutral.
Interestingly, TipRanks offers daily insider transactions as well as a list of the top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Recent Developments
It’s noteworthy that the insider’s purchase of SRPT stock occurred subsequent to the company’s release of better-than-expected second-quarter 2023 results earlier this month. Sarepta’s revenues witnessed a 12% year-over-year jump in the quarter.
Remarkably, apart from the insider’s positive stance, about five Wall Street analysts have reiterated their Buy rating on Sarepta stock since the release of encouraging results.
Is Sarepta a Good Stock to Buy?
Sarepta’s latest approval from the U.S. Food and Drug Administration (FDA) is for Elevidys, a one-time treatment for pediatric patients with Duchenne muscular dystrophy (DMD). The company expects the treatment to be promising and estimates peak annual sales of $4 billion for Elevidys.
On TipRanks, SRPT stock commands a Strong Buy consensus rating based on 14 Buys and three Holds. The average Sarepta stock price target of $182.71 implies 69.1% upside potential.
As per TipRanks’ data, the most accurate and profitable analyst for SRPT is Robert W. Baird analyst Brian Skorney. Copying the analyst’s trades on this stock and holding each position for one year would have resulted in 63% of your transactions generating a profit, with an impressive average return of 26.2% per trade.
