Sarepta price target lowered to $123 from $184 at Oppenheimer

Oppenheimer lowered the firm’s price target on Sarepta (SRPT) to $123 from $184 and keeps an Outperform rating on the shares. The firm notes the company reported Q1 financials with $611.5M/$375.0M in total/ELEVIDYS net product revenues, up 70%/180% year-over-year, falling short of Oppenheimer’s expectations. On top of the ELEVIDYS patient death in March, additional Q1 hurdles resulted in management cutting FY25 net product revenue guidance of $2.9B-$3.1B to $2.3B-$2.6B.