Sarepta price target raised to $114 from $101 at Credit Suisse

Credit Suisse analyst Judah Frommer raised the firm’s price target on Sarepta to $114 from $101 and keeps a Neutral rating on the shares. The analyst notes Sarepta reported preliminary Q4 and full year 2022 product sales along with provision of initial 2023 product sales guidance in conjunction with its ‘9001-focused management presentation at the JPM conference. While Q4 product sales came in ahead of prior consensus, the initial 2023 guide of over $925M in product sales appears to be below VA consensus of $962M. That said, this initial guide is clearly up for debate as a potential approval of SRP-9001 would necessitate revisiting PMO franchise and total product sales for this year, Frommer adds.