Sarepta Therapeutics, Inc. (SRPT) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Sarepta Therapeutics, Inc. (NASDAQ:SRPT) from a hold rating to a buy rating in a research note released on Monday morning. The firm currently has $54.00 target price on the biotechnology company’s stock.
According to Zacks, “Sarepta beat estimates for both earnings and sales in the third quarter and raised its 2017 sales outlook. Exondys 51 is the first DMD treatment to gain approval in the United States. Also, a potential marketing approval in the EU should further boost sales.The company is also focused on reimbursement programs. Moreover, the company’s collaboration agreements with Summit Pharmaceuticals and Catabasis as well as its own follow-on exon-skipping pipeline candidates represent the most comprehensive approach to treat DMD. Meanwhile, the settlement of the patent litigation with BioMarin removes a major overhang for Sarepta. However, dependence on a single product, Exondys 51, is a concern. Nonetheless, Sarepta expects a pickup in patient starts and conversion rates as 2017 progresses. The company’s shares have outperformed the industry so far this year.”
Several other brokerages have also recently weighed in on SRPT. Oppenheimer Holdings, Inc. reiterated a buy rating and set a $76.00 price target on shares of Sarepta Therapeutics in a research report on Monday, October 16th. Barclays PLC started coverage on Sarepta Therapeutics in a research report on Wednesday, September 6th. They set an equal weight rating and a $46.00 price target on the stock. William Blair reiterated an outperform rating on shares of Sarepta Therapeutics in a research report on Thursday, July 27th. Morgan Stanley upgraded Sarepta Therapeutics from an equal weight rating to an overweight rating and set a $60.00 price target on the stock in a research report on Monday, October 2nd. Finally, BidaskClub cut Sarepta Therapeutics from a buy rating to a hold rating in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. Sarepta Therapeutics presently has a consensus rating of Buy and a consensus target price of $63.59.
Shares of Sarepta Therapeutics (NASDAQ:SRPT) traded up $3.21 on Monday, hitting $52.60. The stock had a trading volume of 361,203 shares, compared to its average volume of 1,776,465.
Sarepta Therapeutics (NASDAQ:SRPT) last announced its quarterly earnings results on Wednesday, October 25th. The biotechnology company reported ($0.20) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.86) by $0.66. Sarepta Therapeutics had a negative return on equity of 51.72% and a negative net margin of 112.08%. The firm had revenue of $45.95 million for the quarter, compared to analysts’ expectations of $41.29 million. During the same period in the prior year, the business posted ($0.95) earnings per share. equities analysts expect that Sarepta Therapeutics will post -3.28 EPS for the current fiscal year.
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In other news, SVP Shamim Ruff sold 11,500 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $50.00, for a total transaction of $575,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in SRPT. Bank of New York Mellon Corp boosted its stake in shares of Sarepta Therapeutics by 0.8% during the first quarter. Bank of New York Mellon Corp now owns 247,924 shares of the biotechnology company’s stock valued at $7,339,000 after purchasing an additional 1,923 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Sarepta Therapeutics by 117.2% during the first quarter. Ameriprise Financial Inc. now owns 33,908 shares of the biotechnology company’s stock valued at $544,000 after purchasing an additional 18,297 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Sarepta Therapeutics by 4.6% during the first quarter. Parametric Portfolio Associates LLC now owns 109,034 shares of the biotechnology company’s stock valued at $3,227,000 after purchasing an additional 4,785 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Sarepta Therapeutics by 93.4% during the first quarter. JPMorgan Chase & Co. now owns 161,525 shares of the biotechnology company’s stock valued at $4,781,000 after purchasing an additional 78,025 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Sarepta Therapeutics by 1.4% during the first quarter. Principal Financial Group Inc. now owns 9,455 shares of the biotechnology company’s stock valued at $280,000 after purchasing an additional 129 shares during the period. 65.46% of the stock is owned by hedge funds and other institutional investors.
About Sarepta Therapeutics
Sarepta Therapeutics, Inc is a biopharmaceutical company. The Company focuses on the discovery and development of ribose nucleic acid (RNA)-targeted therapeutics for the treatment of rare neuromuscular diseases. It operates through discovering, developing, manufacturing and delivering therapies to patients with Duchenne muscular dystrophy (DMD).
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