A short report on Sarepta Therapeutics was published this morning and appears to be the reason for today’s selloff, Piper Jaffray analyst Danielle Brill tells investors in a research note. After going through the report, however, the analyst found “no salient points to consider,” and she remains confident in her Overweight thesis on the shares. The LGMD-2E data presented last week sufficiently demonstrated proof-of-concept and further de-risked Sarepta’s muscle targeted gene therapy platform, says Brill. She believes the company’s fundamentals remain intact and would be a buyer on today’s selloff. The analyst reiterates an Overweight rating on Sarepta with a $200 price target. The stock in midday trading is down 9%, or $13.21, to $135.38. The short report, while not mentioned by name in Piper’s research note, is said to be from Elliot Favus of Favus Institutional Research. In addition, a secondary offering of 2.6M Sarepta shares priced last night at $144.00.
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