Sarepta upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Sarepta Therapeutics to Overweight from Equal Weight with a price target of $187, up from $141. The analyst already had a bias of early approval for SRP-9001, but says information management shared from their mid-cycle review increases confidence in approval on the May 29 FDA action date. The firm raised its probability of success to 75% and also believes Sarepta has "significantly derisked manufacturing." It sees the lack of an FDA panel meeting and management commentary following the mid-cycle review as supporting evidence that SRP-9001 can be approved based on the current clinical package.