BMO Capital analyst Kostas Biliouris downgraded Sarepta (SRPT) to Market Perform from Outperform with a price target of $70, down from $120. Elevidys treatment led to a second fatal case of acute liver failure in non-ambulatory patients, triggering management to look for potential changes to immunosuppressive regimen, the analyst tells investors in a research note. The firm believes the second death is part of Adeno-associated virus risk and Elevidys’ benefit/risk remains favorable in ambulatory patients. However, BMO expects the news news to add pressure on Sarepta moving forward due to uncertainty around a potential withdrawal of Elevidys non-ambulatory approval. The company could also miss its Elevidys 2025 guidance or announce additional patient deaths, adds BMO.
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