Sarepta Therapeutics, Inc. (SRPT) Raised to Buy at Zacks Investment Research
Sarepta Therapeutics, Inc. (NASDAQ:SRPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm presently has a $54.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.99% from the company’s previous close.
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 equities research analysts have also recently commented on the stock. Needham & Company LLC reiterated a “buy” rating on shares of Sarepta Therapeutics in a research report on Friday. Barclays PLC boosted their price target on shares of Sarepta Therapeutics from $46.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Thursday. Piper Jaffray Companies reiterated an “overweight” rating on shares of Sarepta Therapeutics in a research report on Thursday. Robert W. Baird reiterated a “buy” rating and issued a $101.00 price target on shares of Sarepta Therapeutics in a research report on Tuesday, October 17th. Finally, Oppenheimer Holdings Inc. reiterated a “buy” rating and issued a $76.00 price target on shares of Sarepta Therapeutics in a research report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $63.59.
Sarepta Therapeutics (NASDAQ:SRPT) traded down 0.5145% during trading on Monday, reaching $47.5441. 539,172 shares of the company’s stock traded hands. The company has a 50-day moving average of $48.16 and a 200 day moving average of $38.57. The stock’s market capitalization is $3.06 billion. Sarepta Therapeutics has a 12 month low of $26.26 and a 12 month high of $52.67.
Sarepta Therapeutics (NASDAQ:SRPT) last issued its quarterly earnings results on Wednesday, October 25th. The biotechnology company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.86) by $0.66. Sarepta Therapeutics had a negative net margin of 112.08% and a negative return on equity of 62.44%. 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 previous year, the business earned ($0.95) earnings per share. On average, equities research analysts expect that Sarepta Therapeutics will post ($1.03) earnings per share for the current fiscal year.
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In related news, SVP Shamim Ruff sold 11,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $50.00, for a total value of $575,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 9.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in SRPT. Prentiss Smith & Co. Inc. grew its stake in shares of Sarepta Therapeutics by 772.2% in the 2nd quarter. Prentiss Smith & Co. Inc. now owns 3,576 shares of the biotechnology company’s stock valued at $121,000 after buying an additional 3,166 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Sarepta Therapeutics by 150.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,666 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 2,800 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Sarepta Therapeutics by 6.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the biotechnology company’s stock valued at $154,000 after buying an additional 271 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Sarepta Therapeutics by 116.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 4,600 shares of the biotechnology company’s stock valued at $155,000 after buying an additional 2,474 shares in the last quarter. Finally, Edge Wealth Management LLC bought a new stake in shares of Sarepta Therapeutics in the 2nd quarter valued at approximately $175,000. 65.46% of the stock is owned by institutional investors and hedge funds.
Sarepta Therapeutics Company Profile
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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