Sarepta Therapeutics Inc (NASDAQ:SRPT)
Sarepta Therapeutics, Inc. (SRPT), a biopharmaceutical company yesterday reported their second quarter 2017 financial results with earnings at a loss of $1.15 per share which fell short of analyst expectations of a loss of $0.92 per share.
Sarepta reported second quarter revenues of $35 million which beat analyst expectations of $21.8 million.
Sarepta Therapeutics, Inc. CEO’s Comments
“We are pleased with the progress made in the second quarter and anticipate continued momentum for the remainder of the year. In an effort to become a global pharmaceutical company, we settled our patent dispute with BioMarin, which gave us the ability to launch our Managed Access Program and reach patients around the world,” said Douglas Ingram, Sarepta’s president and chief executive officer. “We are particularly excited with the continued success of the EXONDYS 51® (eteplirsen) launch, the progress with our internal pipeline and strategic partnerships, all toward the goal of maintaining our leadership position in DMD. We look forward to numerous catalysts between now and the end of the year. Specifically, announcing the results of our 4053-101 dystrophin data and potentially having up to seven experimental DMD therapies in the clinic.” Nasdaq
SRPT Technical Analysis
SRPT opened trading yesterday at $34.05 which was up from the previous day’s trading close of $33.89. SRPT closed trading yesterday at $34.08 and spiked up after market to $39.10, equivalent to a 15% increase from the closing price. Taking a look at the daily chart we can see the last time SRPT traded above these levels we have to go back to January 10th when it traded at highs of $39.36.
Taking a closer look at the daily chart we can see that before the spike up SRPT had already been in an overall upward trend dating back to May 30th when it traded at $29.12. SRPT has a float of 51.08 million shares and traded 2.26 times the normal daily trading volume on Wednesday.
For trading purposes, I would like to see SRPT open trading on Friday above $37.50 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.30 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Sarepta Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery and development of RNA-based therapeutics for the treatment of rare neuromuscular diseases. The company offers EXONDYS 51, a disease-modifying therapy for the treatment of duchenne muscular dystrophy (DMD), which is a rare genetic muscle-wasting disease caused by the absence of dystrophin.
It also develops SRP-4045 and SRP-4053, which are exon skipping clinical product candidates for the treatment of DMD. The company has a strategic alliance with Nationwide Children’s Hospital for the advancement of microdystrophin gene therapy program under the research and option agreement, as well as Galgt2 gene therapy program under the license agreement; Catabasis Pharmaceuticals, Inc to explore a combination drug treatment approach for DMD under the research collaboration agreement; and Charley’s Fund, Inc. to support the development of product candidates using its proprietary exon-skipping technologies under the research agreement.
It also has a license agreement with the University of Western Australia for treatment of DMD by inducing the skipping of certain exons; collaboration and license agreement with Summit (Oxford) Ltd. for the development of ezutromid, an utrophin modulator which is in phase II clinical trials for the treatment of DMD; and a gene therapy research collaboration with Genethon to develop treatments for Duchenne muscular dystrophy.
The company distributes its products through a network of specialty distributors and specialty pharmacies in the United States. Sarepta Therapeutics, Inc. was founded in 1980 and is headquartered in Cambridge, Massachusetts.”