Sarepta upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Sarepta (SRPT) to Outperform from Market Perform with an unchanged price target of $50. The firm appreciates the “credible concerns” around a potential ambulatory patient death that could compromise Elevidys’ viability, but believes the stock’s current valuation skews the risk/reward to the upside. BMO’s physician survey and analysis of the FDA Adverse Event Reporting System data suggest that Elevidys uptake is ramping up and Sarepta’s Q3 and Q4 sales could beat expectations, the analyst tells investors in a research note. The firm also believes the company data readouts by the end of 2025 could diversify the business, attracting new investors.