Sarepta Therapeutics (NASDAQ:SRPT) Shares Gap Down After Analyst Downgrade

Sarepta Therapeutics, Inc. (NASDAQ:SRPT – Get Rating)’s stock price gapped down before the market opened on Friday after Royal Bank of Canada lowered their price target on the stock from $226.00 to $200.00. The stock had previously closed at $149.67, but opened at $119.31. Royal Bank of Canada currently has an outperform rating on the stock. Sarepta Therapeutics shares last traded at $121.15, with a volume of 1,627,298 shares traded.

Several other research analysts also recently weighed in on the company. Cantor Fitzgerald lowered their target price on Sarepta Therapeutics from $178.00 to $165.00 in a research note on Friday. Barclays lifted their target price on Sarepta Therapeutics from $149.00 to $170.00 in a research note on Wednesday, March 1st. SVB Leerink reiterated an “outperform” rating and issued a $160.00 target price on shares of Sarepta Therapeutics in a research note on Friday, January 20th. BTIG Research lifted their target price on Sarepta Therapeutics from $125.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, December 22nd. Finally, Credit Suisse Group lowered their target price on Sarepta Therapeutics from $144.00 to $139.00 and set a “neutral” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Sarepta Therapeutics has an average rating of “Moderate Buy” and an average price target of $165.88.

Hedge Funds Weigh In On Sarepta Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC raised its holdings in Sarepta Therapeutics by 6.2% during the third quarter. ProShare Advisors LLC now owns 8,761 shares of the biotechnology company’s stock worth $968,000 after purchasing an additional 512 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Sarepta Therapeutics by 2.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,069 shares of the biotechnology company’s stock worth $1,224,000 after purchasing an additional 305 shares during the last quarter. California Public Employees Retirement System raised its holdings in Sarepta Therapeutics by 13.5% during the third quarter. California Public Employees Retirement System now owns 191,264 shares of the biotechnology company’s stock worth $21,142,000 after purchasing an additional 22,766 shares during the last quarter. Sawtooth Solutions LLC acquired a new position in Sarepta Therapeutics during the third quarter worth $319,000. Finally, China Universal Asset Management Co. Ltd. acquired a new position in Sarepta Therapeutics during the third quarter worth $91,000. 87.31% of the stock is owned by institutional investors and hedge funds.

Sarepta Therapeutics Stock Down 18.0 %

The firm has a fifty day moving average of $129.49 and a 200-day moving average of $120.17. The company has a current ratio of 4.13, a quick ratio of 3.80 and a debt-to-equity ratio of 4.01.

Sarepta Therapeutics (NASDAQ:SRPT – Get Rating) last released its quarterly earnings results on Tuesday, February 28th. The biotechnology company reported ($1.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.28) by $0.04. Sarepta Therapeutics had a negative return on equity of 117.29% and a negative net margin of 75.40%. The company had revenue of $258.43 million during the quarter, compared to analysts’ expectations of $250.51 million. During the same period in the previous year, the firm posted ($1.42) earnings per share. The business’s revenue for the quarter was up 28.3% compared to the same quarter last year. As a group, research analysts predict that Sarepta Therapeutics, Inc. will post -4.14 earnings per share for the current year.

About Sarepta Therapeutics

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Sarepta Therapeutics, Inc is a commercial-stage biopharmaceutical company, which is engaged in the discovery and development of therapeutics for the treatment of rare diseases. The company was founded on July 22, 1980, and is headquartered in Cambridge, MA.