Barclays downgraded Sarepta (SRPT) to Underweight from Equal Weight with a price target of $10, down from $18. The firm says the suspension of Elevidys delivery, negative Committee for Medicinal Products for Human Use opinion and FDA commentary have raised concerns on the possibility of Elevidys returning to market. Barclays now sees “major” liquidity issues for Sarepta even with further cost-cutting. The company faces liquidity concerns given its current cash burn without substantial revenue from Elevidys, the analyst tells investors in a research note.
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