Sarepta downgraded to Sell from Hold at Deutsche Bank

Deutsche Bank downgraded Sarepta (SRPT) to Sell from Hold with a price target of $9, down from $25. The shares traded down sharply after a cascade of negative news that culminated with media reports that the FDA is requesting the company voluntarily halt all shipments of its gene therapy Elevidys, the analyst tells investors in a research note. The firm noted that the company disclosed a patient death due to liver failure in a limb-girdle study, marking the third death to date for patients dosed with therapies utilizing its adeno-associated virus gene therapy vector. Based on stress tests calculated for Sarepta’s bondholders, the firm said it is now clear that the $500M floor in Elevidys annual revenues suggested on Wednesday’s call is “significantly at-risk.”