Sarepta Therapeutics (NASDAQ:SRPT) Trading Down 6.6% – Here’s What Happened

Sarepta Therapeutics, Inc. (NASDAQ:SRPT) shares traded down 6.6% during mid-day trading on Thursday . The company traded as low as $20.43 and last traded at $20.5560. Approximately 730,109 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 3,101,296 shares. The stock had previously closed at $22.02.

Analyst Ratings Changes

SRPT has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating on shares of Sarepta Therapeutics in a report on Tuesday, July 28th. Piper Sandler cut their price target on Sarepta Therapeutics from $23.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Benchmark reaffirmed a “sell” rating on shares of Sarepta Therapeutics in a research report on Wednesday. Wall Street Zen lowered shares of Sarepta Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Wolfe Research upgraded shares of Sarepta Therapeutics from a “peer perform” rating to an “outperform” rating and set a $27.00 target price for the company in a research note on Thursday, July 9th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat, Sarepta Therapeutics presently has an average rating of “Hold” and an average target price of $25.69.

Sarepta Therapeutics Stock Performance

The company has a fifty day moving average of $18.50 and a two-hundred day moving average of $18.55. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -7.08, a PEG ratio of 0.30 and a beta of 0.27. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.62 and a current ratio of 4.42.

Sarepta Therapeutics (NASDAQ:SRPT) last posted its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.42. Sarepta Therapeutics had a negative return on equity of 1.60% and a negative net margin of 13.48%.The firm had revenue of $401.25 million for the quarter, compared to analysts’ expectations of $366.39 million. During the same quarter last year, the business earned $2.02 EPS. The company’s quarterly revenue was down 34.3% compared to the same quarter last year. As a group, equities research analysts predict that Sarepta Therapeutics, Inc. will post 3.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Sarepta Therapeutics in the second quarter valued at approximately $341,339,000. AQR Capital Management LLC raised its holdings in Sarepta Therapeutics by 454.6% in the 4th quarter. AQR Capital Management LLC now owns 7,796,535 shares of the biotechnology company’s stock valued at $167,781,000 after acquiring an additional 6,390,860 shares in the last quarter. First Trust Advisors LP raised its holdings in Sarepta Therapeutics by 107.6% in the 1st quarter. First Trust Advisors LP now owns 4,135,788 shares of the biotechnology company’s stock valued at $89,995,000 after acquiring an additional 2,143,211 shares in the last quarter. Erste Asset Management GmbH lifted its position in shares of Sarepta Therapeutics by 1.6% during the 4th quarter. Erste Asset Management GmbH now owns 2,728,945 shares of the biotechnology company’s stock valued at $58,727,000 after acquiring an additional 43,000 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of Sarepta Therapeutics by 26.6% during the 1st quarter. Bank of America Corp DE now owns 2,145,926 shares of the biotechnology company’s stock worth $46,695,000 after purchasing an additional 450,336 shares in the last quarter. 86.68% of the stock is owned by institutional investors.

About Sarepta Therapeutics

Sarepta Therapeutics, Inc is a biopharmaceutical company focused on the discovery and development of precision genetic medicines for rare neuromuscular diseases. Headquartered in Cambridge, Massachusetts, Sarepta’s core expertise lies in designing RNA-targeted therapies and gene therapies that address underlying genetic mutations. The company’s mission is to transform the treatment paradigm for patients with Duchenne muscular dystrophy (DMD) and related disorders through innovative modalities.

Sarepta’s commercial products include several exon-skipping therapies approved by the U.S.