Needham ups Sarepta target to $200, adds to Conviction list

Needham analyst Gil Blum raised the firm’s price target on Sarepta to $200 from $160 and keeps a Buy rating on the shares. The analyst also added the shares to the Needham Conviction list. Sarepta reported that following a mid-cycle review the FDA does not intend to conduct an advisory committee for SRP-9001 ahead of its May 29 action date, the analyst tells investors in a research note. Management shared the agency had formally noted no significant safety concerns and that no deficiencies in clinical data submitted in the filing were noted either, the firm points out. It says this turn of events "clears out potential headwinds" ahead of the action date. Needham believes the developments are positive and further support a bullish position on an accelerated approval for SRP-9001.