Sarepta reinstated with an Outperform at Raymond James

Raymond James reinstated coverage of Sarepta with an Outperform rating and $150 price target During the firm’s absence of coverage, the “uber bull case” played out as Sarepta managed to secure full approval of Elevidys with a broad label, but despite this the stock is trading lower than it was ahead of the approval, notes the analsyt. M&A speculation having begun to diminish likely explains the weaker than expected stock performance, says the firm, which thinks the Elevidys launch will surpass expectations and drive the stock higher over the next 12 or so months.