Sarepta Therapeutics, Inc. (NASDAQ:SRPT) was up 4.9% during trading on Friday after Zacks Investment Research upgraded the stock from a sell rating to a hold rating. The company traded as high as $43.69 and last traded at $42.92, with a volume of 5,195,453 shares changing hands. The stock had previously closed at $40.93.
According to Zacks, “Sarepta reported encouraging Q2 results, beating estimates on both counts. The company also raised its revenue guidance for 2017. Sarepta received a huge boost with the FDA approval of Exondys 51, the first DMD treatment to gain approval in the U.S. Also, a marketing application is under review in the EU, which, if approved, should augment sales. 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, Exondys 51’s commercial launch has been slower than expected due to slow patient starts and reimbursement hurdles. Nonetheless, Sarepta expects a pickup in patient starts and conversion rates as 2017 progresses. Meanwhile, the competitive RNA-based treatment market is a threat.”
A number of other research analysts also recently commented on the stock. SunTrust Banks, Inc. increased their target price on shares of Sarepta Therapeutics from $30.00 to $31.00 in a research report on Thursday, April 6th. Vetr downgraded shares of Sarepta Therapeutics from a “strong-buy” rating to a “buy” rating and set a $37.67 target price on the stock. in a research report on Monday, April 24th. Cowen and Company reaffirmed a “buy” rating on shares of Sarepta Therapeutics in a research report on Friday, April 28th. Piper Jaffray Companies set a $43.00 target price on shares of Sarepta Therapeutics and gave the company a “buy” rating in a research report on Thursday, May 18th. Finally, Nomura reaffirmed a “buy” rating and issued a $84.00 target price on shares of Sarepta Therapeutics in a research report on Tuesday, May 23rd. Eight equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $61.28.
In other Sarepta Therapeutics news, CEO Douglas S. Ingram bought 47,058 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was purchased at an average cost of $42.50 per share, for a total transaction of $1,999,965.00. Following the acquisition, the chief executive officer now owns 382,058 shares of the company’s stock, valued at approximately $16,237,465. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Shamim Ruff sold 12,138 shares of Sarepta Therapeutics stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $42.97, for a total transaction of $521,569.86. Following the sale, the senior vice president now owns 27,312 shares of the company’s stock, valued at $1,173,596.64. The disclosure for this sale can be found here. Insiders have sold a total of 78,056 shares of company stock valued at $3,224,208 over the last 90 days. 9.60% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of SRPT. Asymmetry Capital Management L.P. increased its stake in shares of Sarepta Therapeutics by 82.2% in the second quarter. Asymmetry Capital Management L.P. now owns 158,810 shares of the biotechnology company’s stock worth $5,353,000 after buying an additional 71,630 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Sarepta Therapeutics by 6.3% in the second quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the biotechnology company’s stock worth $154,000 after buying an additional 271 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Sarepta Therapeutics by 85.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 20,871 shares of the biotechnology company’s stock worth $704,000 after buying an additional 9,635 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Sarepta Therapeutics by 3.7% in the second quarter. The Manufacturers Life Insurance Company now owns 40,188 shares of the biotechnology company’s stock worth $1,355,000 after buying an additional 1,435 shares during the period. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Sarepta Therapeutics during the second quarter worth approximately $3,806,000. Institutional investors and hedge funds own 63.11% of the company’s stock.
The company has a 50 day moving average price of $37.17 and a 200 day moving average price of $32.96. The stock’s market capitalization is $2.40 billion.
Sarepta Therapeutics (NASDAQ:SRPT) last posted its quarterly earnings data on Wednesday, July 19th. The biotechnology company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.46. The firm had revenue of $35.01 million for the quarter, compared to analysts’ expectations of $22.52 million. During the same period in the prior year, the company posted ($1.19) earnings per share. Sarepta Therapeutics’s quarterly revenue was up 350000.0% compared to the same quarter last year. Analysts predict that Sarepta Therapeutics, Inc. will post ($1.16) EPS for the current year.
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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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