On Monday, shares of Sarepta Therapeutics, Inc. SRPT, a company that focuses on the discovery and development of RNA-based therapeutics, are surging, up over 12% after research firm Oppenheimer upgraded its stock after they cited several supporting factors for eterplirsen’s accelerated approval.
Analyst Christopher Marai upgraded SRPT to ‘Outperform’ from ‘Perform’ while keeping the price target of $60.
Enterplirsen isdesigned for the treatment of some mutations that cause Duchenne muscular dystrophy (DMD), a genetic degenerative muscle disease. An FDA advisory committee believes patients suffering from the disease will likely see improvement with the use of eterplirsen.
Recent FDA decisions have created some flexibility to address unmet needs, while encouraging drug development. Oppenheimer also noted that "the FDA takes into consideration more than just science law. They gave an example of the approval of Addyi for the treatment of female patients with sexual dysfunction, and despite the drug having only marginal efficacy, it was approved because of unmet needs, patient advocacy, and desired incentivized drug development."
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