Sarepta Therapeutics Inc. (SRPT) shares rallied in the extended session Tuesday after the biotech drug maker topped Wall Street expectations, and said U.S. regulators granted a priority review status for its muscular dystrophy drug candidate SRP-9001. Sarepta shares rallied as much as 14% after hours, following a 3.3% rise in the regular session to close at $122.13. The company reported a fourth-quarter loss of $109.2 million, or $1.24 a share, compared with a loss of $122 million, or $1.42 a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 53 cents a share, compared with a loss of 77 cents a share in the year-ago period. Revenue rose to $258.4 million from $201.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $1.47 a share on revenue of $250.4 million. The company also said the biologics license application for SRP-9001 was granted priority review by the Food and Drug Administration, with an expected decision by May 29.
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