Sarepta Therapeutics, Inc. – Nasdaq: SRPT
Shares of Sarepta Therapeutics, Inc. have been up almost 15% in early trading. SRPT is traded on the Nasdaq. On Monday SRPT closed at $31.26 and this morning shares have reached $37.40.
Cambridge, MA-based Sarepta Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery and development of RNA-based therapeutics for the treatment of rare, infectious, and other diseases. Sarepta Therapeutics Inc. secured, in 2016, an FDA accelerated approval for their drug Exondys 51. In the fourth quarter, Sarepta recorded $5.4 million in sales of Exondys 51.
Sarepta CEO Ed Kaye stated “We want to make sure that everybody knows the physicians and their patients are interested in Exondys. This [the $5.4 million in sales] is the proxy for that. It’s really not a bad number for a first quarter…”
Reports of bearish investor sentiment stem from a publicized dispute within FDA about the approval decision and reports of insurance companies denying DMD patients access to the drug. CEO Kaye acknowledges the reimbursement process for Exondys 51 has been challenging. Some patients have been rejected by their insurance carriers.
Reported sales for Sarepta Therapeutics Inc. have been declining annually since 2011 when it reported $47 million, in 2015 reported sales were just $1.3 million. Of the fourteen firms that rate SRPT, eight rate it as a “Strong Buy”, two rate SRPT as a “Buy”, and four rate it as a “Hold”.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.