Sarepta price target lowered to $32 from $36 at Piper Sandler

Piper Sandler analyst Biren Amin lowered the firm’s price target on Sarepta (SRPT) to $32 from $36 and keeps a Neutral rating on the shares after the company announced a business update, including updates on Elevidys and cost savings from workforce reductions and discontinuation of gene therapy pipeline programs. The positives on the call were the label update for Elevidys on the ambulatory indication, with FDA agreeing to a black box warning and removing further risk for ambulatory. However, key questions still linger on the sales trajectory in ambulatory given management acknowledging significant hesitancy from the DMD community and as a result cannot provide sales guidance, Piper adds.