On Monday, TD Cowen maintained a positive stance on shares of Sarepta Therapeutics (NASDAQ:SRPT), reiterating a Buy rating and a $203.00 price target for the company's stock. The firm's confidence is bolstered by new survey findings related to Sarepta's drug Elevidys, which is used to treat Duchenne muscular dystrophy (DMD) patients.
The survey, which tracked the adoption of Elevidys, revealed that most key opinion leaders (KOLs) intend to administer the drug to DMD patients irrespective of their ability to walk. However, there is a tendency to prioritize ambulatory patients under 13 years old. According to the survey, approximately 36% of DMD patients are considered eligible for treatment with Elevidys, and about 6.2% have already been treated with the drug.
Over the course of the next 12 months, KOLs anticipate that an additional 25% of eligible ambulatory patients and 6.4% of eligible non-ambulatory patients will begin treatment with Elevidys. The survey's findings suggest a growing acceptance and usage of Elevidys among the medical community for treating DMD.
The report from TD Cowen indicates a positive outlook for Sarepta Therapeutics, as the projected increase in Elevidys usage could potentially contribute to the company's financial performance. The reiterated Buy rating and price target reflect the firm's expectation of Sarepta's continued growth in the market.
In other recent news, Sarepta Therapeutics has reported a noteworthy 51% year-over-year increase in net product revenue for the second quarter of 2024, reaching approximately $361 million. This significant growth is attributed to the broad approval of the company's gene therapy, ELEVIDYS, in June 2024, which targets over 80% of U.S. patients with Duchenne muscular dystrophy (DMD).
Looking forward, Sarepta projects a substantial revenue climb in the fourth quarter of 2024 and anticipates net product revenue to be between $2.9 billion and $3.1 billion for 2025. The company also maintains a robust financial position with $1.5 billion in cash and equivalents.
These recent developments demonstrate Sarepta's commitment to patient safety, education, and access to treatment. While the company expects modest growth in Q3 2024, they predict significant increases in Q4. However, despite high demand, not all patients can immediately access treatment due to initial wait times at treatment centers.
Sarepta remains optimistic about their future, emphasizing their mission to serve patients with rare diseases while building value for their investors. The company's strategic focus and financial results suggest a positive trajectory in advancing their portfolio of therapies and supporting the DMD community.
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