Sarepta price target raised to $180 from $150 at Oppenheimer

Oppenheimer analyst Hartaj Singh raised the firm’s price target on Sarepta to $180 from $150 and keeps an Outperform rating on the shares following quarterly results. The firm notes net product sales topped its expectations, growing about 32% year-over-year and 38% for 2022. Having completed the Mid-Cycle Review of the BLA for gene therapy, SRP-9001 for ambulatory Duchenne muscular dystrophy patients with the FDA, Sarepta received a formal confirmation that the agency is not planning to hold an Advisory Committee for this application. As a result, Oppenheimer adjusts the probability of success for SRP-9001 approval to 75% as a new modality, notes that Accelerated Approval pathway has more inherent risk, and keeps "in mind additional complexity with the upcoming EMBARK readout."