JPMorgan analyst Anupam Rama downgraded Sarepta (SRPT) to Neutral from Overweight with a price target of $16, down from $20. The firm does not see the shares outperforming in the near-term after Sarepta paused shipments of Elevidys in the U.S. The company faces unknown timelines to a resolution and likely further reputation damage, the analyst tells investors in a research note. JPMorgan believes that if the situation is not resolved rapidly, there may be renewed concerns on Sarepta meeting its debt obligations. The stock in premarket trading is down 6% to $12.54.
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Read More on SRPT:
- Sarepta downgraded to Neutral from Overweight at JPMorgan
- Sarepta price target lowered to $25 from $50 at BMO Capital
- Sarepta price target lowered to $11 from $18 at Piper Sandler
- Sarepta Stock (SRPT) Could Crash to $0, Warns Wainwright Analyst
- Sarepta Therapeutics’ Shipment Pause of Elevidys: Strategic Move Amidst Regulatory Concerns