Needham raised the firm’s price target on Sarepta to $235 from $166 and keeps a Buy rating on the shares. The FDA’s expanded Elevidys label to all Duchenne muscular dystrophy patients 4 years and older regardless of ambulatory status was a “home run” for the company, and the firm now estimates peak sales of $6B for Elevidys by 2027, the analyst tells investors in a research note. Needham adds that its recent key opinion leader call reflected on the pent-up demand for Sarepta’s Elevidys therapy, though in order to meet this demand, the company will need to ensure that patients receive reimbursement and that there are no manufacturing constraints.
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