Credit Suisse analyst Alethia Young reiterated an Outperform rating on Sarepta Therapeutics Inc SRPT with a $64 price target, following the announcement of a new CEO and ahead of several other catalysts.
Sarepta announced Wednesday that Doug Ingram has been appointed CEO. He will replace Ed Kaye, who announced in late April that he would step down.
Kaye plans to retain his position on Sarepta’s board of directors.
Who Is Doug Ingram?
Young highlighted Ingram’s long history as a biotech executive. He was previously the CEO of Allergan.
Most recently, Ingram led the private biotech company Chase Pharmaceuticals, which was acquired by Allergan in late 2016.
“This background gives Ingram experience in both the CNS space as well as in running a large-scale pharmaceutical company and we view his background as a strong fit for Sarepta,” Young said.
The analyst said she's confident Ingram will satisfy investors who were looking for an established pharma executive to validate Sarepta’s future platform and opportunities.
Stock Movement And Future Catalysts
Sarepta shares peaked just a minute after Thursday’s open, up 4.1 percent to $35.24. From there it quickly fell back to Wednesday’s close.
Investors should look forward to data from different types of DMD mutations to come later this year, as well as progress on EXONDYS 51 approval in Europe and results from the drug's launch in the United States.
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