Piper Sandler downgraded Sarepta (SRPT) to Neutral from Overweight with a price target of $36, down from $70. The company announced that a second non-ambulatory patient has died due to acute liver failure due to Elevidys, prompting a decision to suspend commercial shipments of Elevidys in the non-ambulatory setting and pause dosing in ENVISION until an enhanced immunosuppression regimen is approved, the analyst tells investors in a research note. Piper expects sales in ambulatory setting to also be negatively impacted and cut its Elevidys peak sales estimate to $1.7B from $2.4B.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SRPT:
- Sarepta Therapeutics: Buy Rating Affirmed Amid Strategic Safety Measures and Long-Term Potential
- Sarepta Therapeutics: Hold Rating Amid Elevidys Safety Concerns and Revised Sales Forecast
- Sarepta downgraded to Market Perform from Outperform at BMO Capital
- Cautious Outlook on Sarepta Therapeutics Amid Elevidys Safety Concerns and Regulatory Uncertainty
- Sarepta suspends non-ambulatory Elevidys shipments after second death