Sarepta initiated with Buy, added to Focus List at Citi

Citi initiated coverage of Sarepta Therapeutics with a Buy rating and $179 price target. The firm also added the stock to Citi’s Focus List and opened an "Upside 90-Day Catalyst Watch." The analyst likes the setup into SRP-9001’s planned FDA panel meeting, likely in late April or early May, and the FDA action date post the share pullback on the announcement that a panel will be held. The change in plans to hold a panel may not be indicative of a meaningful change in FDA’s position on the filing, which has been favorable, the analyst tells investors in a research note. Citi believes that if the panel vote is positive, the shares have $30-$40 of upside from here, with downside to the high double digits per share on a negative vote.