Sarepta price target lowered to $160 from $176 at Citi

Citi lowered the firm’s price target on Sarepta to $160 from $176 and keeps a Neutral rating on the shares post the Q2 report. The company’s Elevidys revenues missed due to timing of orders, but should see a decent step-up in the second half of 2024 under an expanded label, the analyst tells investors in a research note. The firm believes investors were looking for a higher guidance number and says the company’s messaging that there are no bottlenecks to the Elevidys launch appears at odds with peak sales being anticipated “significantly in the back half of this decade.”