Sarepta price target lowered to $130 from $160 at Mizuho

Mizuho analyst Uy Ear lowered the firm’s price target on Sarepta to $130 from $160 and keeps a Buy rating on the shares. The firm updated its model to refine the number of Duchenne muscular dystrophy patients eligible for Elevidys gene therapy to align with management’s commentary, incorporate the potential cannibalization of the exon skipping business by Elevidys, and increase spending forecasts, driving its lower target for the shares. However, it notes that it sees “a high likelihood” for broad label expansion for Elevidys gene therapy to include all DMD patients, irrespective of age and ambulatory status, in 2024.