Sarepta Therapeutics Inc. (SRPT) Hits New 1-Year High After Analyst Upgrade
Sarepta Therapeutics Inc. (NASDAQ:SRPT) hit a new 52-week high during trading on Wednesday after SunTrust Banks upgraded the stock to a reduce rating. SunTrust Banks now has a $48.00 price target on the stock, up from their previous price target of $4.00. Sarepta Therapeutics traded as high as $58.87 and last traded at $55.64, with a volume of 5,659,429 shares trading hands. The stock had previously closed at $55.73.
A number of other brokerages have also recently commented on SRPT. Oppenheimer Holdings Inc. increased their price objective on shares of Sarepta Therapeutics from $60.00 to $76.00 in a research note on Monday. JMP Securities raised shares of Sarepta Therapeutics to an “outperform” rating and increased their price objective for the company from $10.00 to $60.00 in a research note on Monday. Wedbush reissued an “outperform” rating and issued a $66.00 price objective on shares of Sarepta Therapeutics in a research note on Tuesday. Cowen and Company raised shares of Sarepta Therapeutics from a “market perform” rating to an “outperform” rating and set a $64.00 price objective on the stock in a research note on Tuesday. Finally, Needham & Company LLC increased their price objective on shares of Sarepta Therapeutics from $47.00 to $81.00 and gave the company a “buy” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $51.01.
In other news, CEO Edward M. Md Kaye sold 24,557 shares of Sarepta Therapeutics stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $30.00, for a total transaction of $736,710.00. Following the sale, the chief executive officer now owns 76,983 shares in the company, valued at $2,309,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.90% of the company’s stock.
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Several hedge funds have recently bought and sold shares of the stock. Creative Planning raised its stake in Sarepta Therapeutics by 2.3% in the first quarter. Creative Planning now owns 54,150 shares of the company’s stock worth $1,057,000 after buying an additional 1,200 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in Sarepta Therapeutics by 5.5% in the first quarter. TIAA CREF Investment Management LLC now owns 216,707 shares of the company’s stock worth $4,230,000 after buying an additional 11,334 shares in the last quarter. Franklin Resources Inc. purchased a new stake in Sarepta Therapeutics during the first quarter worth about $13,506,000. BlackRock Fund Advisors raised its stake in Sarepta Therapeutics by 2.2% in the first quarter. BlackRock Fund Advisors now owns 1,661,818 shares of the company’s stock worth $32,439,000 after buying an additional 36,371 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Sarepta Therapeutics by 2.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,068,913 shares of the company’s stock worth $20,865,000 after buying an additional 25,799 shares in the last quarter. Institutional investors own 72.09% of the company’s stock.
The stock’s market cap is $2.66 billion. The stock’s 50 day moving average price is $28.17 and its 200-day moving average price is $21.37.
Sarepta Therapeutics (NASDAQ:SRPT) last released its earnings results on Tuesday, July 19th. The company reported ($1.35) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.19) by $0.16. During the same quarter in the prior year, the firm earned ($0.87) earnings per share. Equities research analysts forecast that Sarepta Therapeutics Inc. will post ($4.98) EPS for the current fiscal year.
Sarepta Therapeutics Company Profile
Sarepta Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the discovery and development of ribonucleic acid (RNA)-targeted therapeutics for the treatment of rare, infectious and other diseases. The Company operates in one segment: the development of pharmaceutical products on its own behalf or in collaboration with others.
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