Pfizer’s ‘disappointing’ Phase 3 results positive for Sarepta, says Mizuho

Pfizer (PFE) on Wednesday reported disappointing results from the Phase 3 CIFFERO trial of the gene therapy fodadistrogene movaparvovec in ambulatory DMD patients ages 4 to 7 years, failing to meet the primary endpoint of change in the North Star Ambulatory Assessment, as well as key secondary endpoints, including 10-meter run/walk velocity and time-to-rise from floor velocity, Mizuho tells investors in a research note. The firm sees the news as positive for Sarepta (SRPT), as Pfizer will unlikely have the necessary clinical data to submit fodadistrogene movaparvovec for regulatory approval. Mizuho made no change to its Buy rating or $179 price target on Sarepta shares and sees potential upside to its Elevidys sales forecast and consensus estimates.