Why Sarepta Therapeutics Stock Is Soaring Today

Sarepta Therapeutics Inc SRPT shares are trading higher Monday after the company announced the FDA voted in favor of its gene therapy to treat Duchenne muscular dystrophy late Friday. Multiple analysts raised price targets following the announcement. 

What Happened: The FDA's Cellular, Tissue and Gene Therapies Advisory Committee voted in support of accelerated approval of SRP-9001 for the treatment of ambulatory patients with Duchenne muscular dystrophy.

SRP-9001 is designed to treat the underlying cause of Duchenne, characterized by mutations in the dystrophin gene that results in a lack of dystrophin protein. The committee's vote will be taken into consideration when the FDA makes its decision regarding potential accelerated approval.

"Today's advisory committee outcome is extremely important to the patient community, who are in urgent need of new therapies. With the May 29 action date our top priority, we will work collaboratively with the FDA to complete the review of our BLA for SRP 9001," said Doug Ingram, president and CEO of Sarepta Therapeutics.

See Also: Why C3 AI Stock Is Moving Higher Monday

Analyst Changes: 

• Needham analyst Gil Blum maintained Sarepta with a Buy and raised the price target from $160 to $185.
• UBS analyst Colin Bristow maintained Sarepta with a Buy and raised the price target from $160 to $173.
• Credit Suisse analyst Judah Frommer maintained Sarepta with a Neutral and raised the price target from $138 to $151.

SRPT Price Action: Sarepta shares were up 26.4% at $151.91 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Sarepta Therapeutics.