Goldman Sachs analyst Salveen Richter has maintained their bullish stance on SRPT stock, giving a Buy rating today.
Salveen Richter has given a Buy rating to Sarepta Therapeutics based on a combination of regulatory optimism and promising drug development prospects. The FDA’s acceptance of the efficacy supplement for the Biologics License Application (BLA) of Sarepta’s gene therapy Elevidys for Duchenne muscular dystrophy (DMD) is particularly noteworthy. This regulatory development is two months ahead of the initial expectations, indicating a positive stance from the agency. Additionally, conversations with Sarepta’s management have revealed the potential for both full approval in ambulatory patients and accelerated approval for non-ambulatory patients, despite current manufacturing constraints as the company transitions to a new process.
The lack of an Advisory Committee (AdCom) meeting aligns with the management’s expectations and further solidifies the positive outlook for the drug’s approval process. Richter’s recommendation also takes into account the high demand for Elevidys as indicated by Key Opinion Leaders (KOLs), as well as the supportive comments from the FDA to date. This combination of a favorable regulatory timeline, the absence of an AdCom, and the high market demand for the therapy supports the analyst’s bullish stance on Sarepta Therapeutics’ stock.
In another report released today, Needham also reiterated a Buy rating on the stock with a $169.00 price target.
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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.
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