Sarepta Price Target Raised To $168 From $83 At Piper Jaffray

Piper Jaffray analyst Edward Tenthoff raised his price target for Sarepta Therapeutics to $168 from $83 after the company presented Phase I/II data on three Duchenne muscular dystrophy boys receiving its micro-dystrophin gene therapy. The stock closed yesterday up 37%, or $38.69, to $143.93.

The 38% micro-dystrophin expression increase exceeded expectations and is expected to translate into a functional benefit in up to 70% of boys, dramatically expanding the Exondys51 patient population, Tenthoff tells investors in a research note. He continues to project Exondys51 sales of $309M in 2018.

Further, a rolling new drug application submission on golodirsen by year-end 2018 could result in accelerated approval next year, the analyst adds. He maintains an Overweight rating on Sarepta after adding value for gene therapy.