JPMorgan cuts Sarepta target, removes from Analyst Focus List

JPMorgan analyst Anupam Rama lowered the firm’s price target on Sarepta to $115 from $211 and keeps an Overweight rating on the shares. The analyst also removed Sarepta from the firm’s Analyst Focus List and Catalyst Watch due to the EMBARK data now having read out. The firm does not believe Elevidys be pulled from the market based on the totality of known top-line data from EMBARK. The 4-5 year old sub-group outperformed the 6-7 year sub-group across endpoints and importantly, there were no safety concerns and the unmet need in Duchenne muscular dystrophy remains significant, the analyst tells investors in a research note. JPMorgan says a share move to the mid-$60s to low-$70s range would reflect the value of the legacy commercial business alone in its model. Hence, it would deem this type of move as overdone. Sarepta shares in premarket trading are down 40% to $65.11.