Sarepta price target lowered to $164 from $186 at BofA

BofA lowered the firm’s price target on Sarepta to $164 from $186 and keeps a Buy rating on the shares after the company reported the phase 3 EMBARK trial evaluating Elevidys in DMD missed the primary endpoint. However, the data suggested benefit in timed functional tests in the overall population as well as age subgroups, which key opinion leader physicians have highlighted could be more sensitive measures of efficacy in DMD, the analyst added. The firm is assuming “a more conservative stance” as further color on the regulatory review is awaited, but continues to view Elevidys as “an attractive commercial opportunity,” the analyst tells investors.