UBS downgraded Sarepta (SRPT) to Neutral from Buy with a price target of $12, down from $45. The firm believes the company’s interactions with the FDA create “significant uncertainty” around the sales of Elevidys. UBS believes Sarepta denying the FDA request to stop shipments and the negative media attention “create significant uncertainty” for the Elevidys franchise. The firm lowered its Elevidys sales forecast to a 35% probability from Q3 onwards.
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