Pfizer DMD gene therapy miss paves way for Sarepta, Solid Biosciences, says Citi

After Pfizer (PFE) announced that its investigational mini-dystrophin gene therapy, fordadistrogene movaparvovec, failed to meet the primary and secondary endpoints in its Phase 3 Duchenne muscular dystrophy, or DMD, trial, Citi said the news potentially sets up Sarepta’s (SRPT) Elevidys as the only commercially available DMD gene therapy for “at least the next several years,” pending the decision due on the June 21 PDUFA date. Despite some more negative views from the Street which have recently surfaced, the firm says it remains “anchored to a base case of label expansion to all ambulatory patients” for Sarepta’s Elevidys. Citi maintains a $172 price target and Buy rating on Sarepta Therapeutics shares. The firm adds that it is also “closely watching” Solid Biosciences (SLDB), which Citi notes will present data on the first cohort dosed with its next-generation DMD gene therapy in Q4 of this year.