Sarepta price target lowered to $161 from $204 at Citi

Citi analyst Neena Bitritto-Garg lowered the firm’s price target on Sarepta to $161 from $204 and keeps a Buy rating on the shares following the FDA approval of Elevydis. Though management continues to note EMBARK trial success could enable full approval with a broad Duchenne muscular dystrophy, label, Citi remains cautious on expecting non-ambulatory patients on the label without clinical outcomes from ENVISION, the analyst tells investors in a research note. The firm expects the shares to remain range-bound near-term, but continue to sees upside to over $180 in “realistic EMBARK topline scenarios.”