Baird downgraded Sarepta (SRPT) to Neutral from Outperform with a price target of $15, down from $35. The firm sees “broad, existential uncertainty” due to management transparency issues and questions around Elevidys remaining on the market. Following reports of the FDA asking Sarepta to stop shipments of Elevidys, the risk of the drug being removed from the market are “greatly amplified,” the analyst tells investors in a research note.
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