Sarepta upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded Sarepta Therapeutics to Outperform from Sector Perform with an unchanged price target of $182. The shares have underperformed most expectations despite a “very broad and favorable” U.S. label for Elevidys, in part due to concerns around treatment throughput, center capacity, and manufacturing supply, the analyst tells investors in a research note. Following a physician survey and feedback on initial on-the-ground dynamics from the leader at a major Duchenne muscular dystrophy advocacy group, RBC believes many of those concerns are overdone. The firm has increased conviction that once past the Q2 earnings report, the “significant near-term launch inflection” it models is increasingly likely.