Mizuho downgraded Sarepta (SRPT) to Neutral from Outperform with a price target of $14, down from $40. The firm says the current stock price accounts for its “mounting concerns” about the company’s businesses, particularly Elevidys. The third case of fatal live failure in a different disease limb girdle but sharing the AAVrh74 platform vector could further curb enthusiasm for Elevidys adoption, the analyst tells investors in a research note. Mizuho believes the FDA “suddenly” backing out of its support for Elevidys on Friday may diminish physicians and patients’ willingness to adopt the therapy.
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