Leerink Partners analyst Joseph Schwartz has reiterated their bullish stance on SRPT stock, giving a Buy rating on April 19.
Joseph Schwartz has given his Buy rating due to a combination of factors surrounding the performance and potential of Sarepta Therapeutics. He acknowledges the current market nervousness regarding the first quarter earnings for 2024 but maintains optimism that the company can achieve, or even surpass, consensus estimates, despite acknowledging that some headwinds are possible. Schwartz’s confidence stems from the strong demand for Sarepta’s product Elevidys, which has shown impressive launch performance, and the potential for label expansion which could significantly increase the eligible patient population.
Moreover, while there is a recognition of a limited initial patient pool for Elevidys, the treatment for Duchenne Muscular Dystrophy in young children, Schwartz’s analysis suggests that Sarepta Therapeutics could quickly work through this population. His projections are modestly above consensus, indicating an expectation for continued success. With a key PDUFA date approaching in June 2024, and considering the recent pullback in stock price, Schwartz sees an opportunity for investors. His reiteration of an Outperform rating and a $165 price target reflects his belief in the stock’s value and prospects.
In another report released on April 19, RBC Capital also assigned a Buy rating to the stock with a $154.00 price target.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SRPT in relation to earlier this year.
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Sarepta Therapeutics (SRPT) Company Description:
Sarepta Therapeutics, Inc. is a commercial-stage biopharmaceutical company, which is engaged in the discovery and development of therapeutics for the treatment of rare diseases. The company was founded on July 22, 1980 and is headquartered in Cambridge, MA.
