Needham downgraded Sarepta (SRPT) to Underperform from Hold without a price target The company late Friday reported receiving an informal request from the FDA to voluntarily halt shipments of Elevidys and that it denied this request, the analyst tells investors in a research note. The firm believes this “showdown” between the FDA and Sarepta will likely to result with the FDA taking formal action against Elevidys marketing. Needham is now concerned that Elevidys will likely be pulled off the market, creating challenges for Sarepta to meet its 2027 debt obligations of $1.15B.
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