Sarepta price target lowered to $160 from $200 at Needham

Needham lowered the firm’s price target on Sarepta to $160 from $200 but keeps a Buy rating on the shares. The company’s announcement that the FDA decided to conduct an advisory committee meeting ahead of the SRP-9001 PDUFA date of was surprising given that the previous written communication from the agency during the mid-cycle review explicitly excluded arranging an AdCom, the analyst tells investors in a research note. The firm adds that while it still views the potential approval of the program positively, it must also revert to its prior assumption of an AdCom while acknowledging the increased risk that there will not be an accelerated approval of SRP-9001.