Sarepta price target raised to $172 from $160 at Citi

Citi analyst David Hoang raised the firm’s price target on Sarepta Therapeutics to $172 from $160 and keeps a Buy rating on the shares post the Q4 report. The company reported its first profitable quarter, with positive earnings driven by strong Elevidys revenues, the analyst tells investors in a research note. The firm says the primary driver of the stock in 2024 will be the FDA action date of June 21, when the agency will decide on whether to expand the Elevidys label, and to what extent. Citi believes that if label expansion is granted, patient volumes should step up significantly in the second half of 2024.