Sarepta price target lowered to $40 from $75 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Sarepta (SRPT) to $40 from $75 and keeps a Neutral rating on the shares. The company reported Q1 Elevidys revenues of $375M, which is a sequential quarter-over-quarter decrease of 2% and falls short of Street estimates of $421.6M, the analyst tells investors in a research note. The firm says its predictions for slowing Elevidys sales are materializing. It also sees increased regulatory risk for Sarepta after the FDA’s Vinay Prasad appointment. The agency may harbor negative views towards Elevidys and could increase scrutiny on that Sarepta’s moneymaker franchise, contends H.C. Wainwright.