Citi initiated coverage of Sarepta Therapeutics with a Buy rating and $113 price target. The stock is down 0% since October on the topline miss of the Phase 3 EMBARK study for Elevidys, the analyst tells investors in a research note. The firm likes the risk/reward heading into the FDA’s review in the second half of 2024, however, saying signs indicate the agency is still willing to convert the accelerated approval to a full one and expand the label to all ambulatory patients. On achieving Citi’s base case scenario, it sees 35%-45% share upside versus 15%-20% on rejection.
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