Analyst Upgrade/Downgrade Update Brokerage firm: Credit Suisse Change: Coverage Initiated Previous Rating: N/A Current Rating: Outperform Previous Price Target: N/A Current Price Target: $68
+20% Sarepta Therapeutics SRPT are surging, up almost 24% to $42.14 per share in morning trading after the biotech company reported second-quarter revenues that blew past expectations in its earnings report yesterday after the bell." data-reactid="11">On Thursday, shares of Sarepta Therapeutics SRPT are surging, up almost 24% to $42.14 per share in morning trading after the biotech company reported second-quarter revenues that blew past expectations in its earnings report yesterday after the bell. Sarepta reported quarterly revenue of $35 million, which was $13 million above what analysts at Thomson Reuters expected and reflected sequential growth of 115%. This outperformance was mainly due to strong sales from Sarepta’s Duchenne muscular dystrophy (DMD) drug, Exondys 51. The company also incurred a narrower-than-expected loss in Q2, reporting earnings of a loss of 65 cents per share and beating the Zacks Consensus Estimate of a loss of 92 cents per share. Investors should note that loss per share excludes restructuring costs and gain from asset sale but includes the impact of share-based compensation expenses.
Sarepta has been pursuing strategic collaborations for the development of its disease- modifying DMD pipeline ever since it gained approval for Exondys 51. Ezutromid is currently being evaluated in a phase II study, PhaseOut DMD, with 24-week and 48-week biopsy data anticipated in first and third quarter of 2018, respectively. What's more, its quarterly revenue growth was 956.60%, super impressive.
