BofA lowered the firm’s price target on Sarepta (SRPT) to $20 from $28 and keeps a Neutral rating on the shares after a third death following dosing with one of Sarepta’s gene therapies was reported. The new is not surprising as acute liver failure seems like a known risk now with the rAAVrh74 vector, the analyst tells investors in a research note. However, BofA believes the recent deaths will generate additional hesitancy in the physician and patient communities. The firm thinks Elevidys will still be used in a subset of younger Duchenne muscular dystrophy patients but it expects uptake will now be more limited.
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