Sarepta Therapeutics (NASDAQ:SRPT) Shares Gap Down After Earnings Miss

Sarepta Therapeutics, Inc. (NASDAQ:SRPT) gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $24.45, but opened at $15.24. Sarepta Therapeutics shares last traded at $17.2320, with a volume of 11,472,050 shares traded.

The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.15). The company had revenue of $399.36 million during the quarter, compared to analyst estimates of $331.51 million. Sarepta Therapeutics had a negative net margin of 2.34% and a negative return on equity of 1.03%. Sarepta Therapeutics’s revenue was down 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 EPS.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SRPT shares. BMO Capital Markets raised Sarepta Therapeutics from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Monday, September 22nd. Needham & Company LLC reiterated an “underperform” rating on shares of Sarepta Therapeutics in a report on Monday, July 28th. JPMorgan Chase & Co. upgraded Sarepta Therapeutics from an “underweight” rating to a “neutral” rating and set a $24.00 price target for the company in a report on Tuesday, July 29th. Barclays upgraded Sarepta Therapeutics from an “underweight” rating to an “equal weight” rating and set a $22.00 price target for the company in a report on Tuesday, July 29th. Finally, Piper Sandler lifted their price target on Sarepta Therapeutics from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat, Sarepta Therapeutics presently has a consensus rating of “Hold” and a consensus price target of $33.67.

Institutional Investors Weigh In On Sarepta Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SRPT. Ancora Advisors LLC raised its position in shares of Sarepta Therapeutics by 150.0% in the first quarter. Ancora Advisors LLC now owns 500 shares of the biotechnology company’s stock valued at $32,000 after buying an additional 300 shares in the last quarter. Byrne Asset Management LLC acquired a new position in Sarepta Therapeutics during the third quarter valued at approximately $33,000. Banque Transatlantique SA acquired a new position in Sarepta Therapeutics during the first quarter valued at approximately $44,000. Pandora Wealth Inc. acquired a new position in Sarepta Therapeutics during the first quarter valued at approximately $45,000. Finally, Brooklyn Investment Group raised its position in Sarepta Therapeutics by 450.4% during the first quarter. Brooklyn Investment Group now owns 721 shares of the biotechnology company’s stock valued at $46,000 after purchasing an additional 590 shares in the last quarter. 86.68% of the stock is currently owned by institutional investors and hedge funds.

Sarepta Therapeutics Trading Down 30.0%

The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of -19.66 and a beta of 0.51. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.89 and a quick ratio of 1.81. The firm’s 50-day simple moving average is $20.36 and its 200 day simple moving average is $26.54.

About Sarepta Therapeutics

Sarepta Therapeutics, Inc, a commercial-stage biopharmaceutical company, focuses on the discovery and development of RNA-targeted therapeutics, gene therapies, and other genetic therapeutic modalities for the treatment of rare diseases. It offers EXONDYS 51 injection to treat duchenne muscular dystrophy (duchenne) in patients with confirmed mutation of the dystrophin gene that is amenable to exon 51 skipping; VYONDYS 53 for the treatment of duchenne in patients with confirmed mutation of the dystrophin gene that is amenable to exon 53 skipping; AMONDYS 45 for the treatment of duchenne in patients with confirmed mutation of the dystrophin gene; and ELEVIDYS, an adeno-associated virus based gene therapy for the treatment of ambulatory pediatric patients aged 4 through 5 years with duchenne with a confirmed mutation in the duchenne gene.