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.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/sarepta-therapeutics-inc-srpt-hits-new-1-year-high-after-analyst-upgrade.html

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.

5 Day Chart for NASDAQ:SRPT

Receive News & Ratings for Sarepta Therapeutics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sarepta Therapeutics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.