Sarepta downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Gavin Clark-Gartner downgraded Sarepta (SRPT) to In Line from Outperform with a price target of $50, down from $123, citing new assumptions baked into its base case after “all the news” from earnings and the FDA changes. The firm sees a fairly balanced risk/reward with some modest room for upside. However, it doesn’t believe the updates over the next 3-6 months will alleviate key concerns for investors and with this broader backdrop, despite a low valuation, it doesn’t expect the stock to be an outperformer, the analyst tells investors.