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Sarepta shares reiterate Outperform rating on positive EMA review for Elevidys

EditorNatashya Angelica
Published 06/24/2024, 12:44 PM

On Monday, Sarepta Therapeutics (NASDAQ:SRPT) received a nod of confidence from Baird, as the firm reiterated its Outperform rating and maintained a $200.00 price target on the company's stock.

The endorsement comes after the announcement that the European Medicines Agency (EMA) has validated and commenced the review process for the Marketing Authorization Application (MAA) of Elevidys, a treatment developed in partnership with Roche for a specific patient population.

The validation of Elevidys' MAA by the EMA is perceived as a positive development, potentially leading to a partial approval in Europe. Baird's commentary highlighted the significance of this step, noting the $1.7 billion in potential regulatory and sales milestones that Sarepta stands to gain, along with an anticipated mid-teens percentage royalty on the drug's sales in Europe.

The analyst firm underscored the importance of the ongoing ENVISION study results, which are eagerly awaited. The outcome of this study could further influence the regulatory landscape and market potential for Elevidys in Europe. The current regulatory progress is expected to bolster optimism around Sarepta's valuation, according to Baird's analysis.

Sarepta Therapeutics, in collaboration with Roche, is working on advancing Elevidys through the regulatory process. The potential approval and subsequent commercialization in Europe represent a critical milestone for the company, as it could significantly enhance its revenue stream through the aforementioned milestones and royalties.

The market's reaction to the news and Baird's reaffirmed rating and price target will be closely watched by investors, as Sarepta continues to navigate the regulatory pathway for Elevidys in Europe. The company's progress in this regard is a key factor for its future financial performance and growth trajectory.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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