Sarepta price target raised to $160 from $113 at Citi

Citi raised the firm’s price target on Sarepta Therapeutics to $160 from $113 and keeps a Buy rating on the shares. The analyst conducted a scenario analysis for the FDA’s upcoming review of Elevidys after integrating feedback from investor discussions and reviewing modeling assumptions with management, which suggests 80% probability of an outcome “that would favorably impact shares.” In Citi’s base case scenario, the firm sees shares Sarepta advancing by 25%-50% on a full approval/label expansion to ambulatory Duchenne muscular dystrophy patients without age restrictions, no later than August. Citi says a surprise upside scenario would be the FDA also granting full approval to non-ambulatory patients in 2024, which could drive 50%-75% share upside. More likely, non-ambulatory can receive full approval in 2026 if the Phase 3 ENVISION study is positive, contends Citi.