Sarepta price target lowered to $182 from $200 at Piper Sandler

Piper Sandler analyst Biren Amin lowered the firm’s price target on Sarepta (SRPT) to $182 from $200 and keeps an Overweight rating on the shares. The company announced a significant collaboration with Arrowhead (ARWR) in which it acquired four clinical stage pipeline programs spanning neuromuscular, pulmonary, and central nervous system, and in addition three preclinical CNS programs and six discovery programs, the analyst tells investors in a research note. The firm says deal “broadens and deepens” Sarepta’s pipeline. Piper added the $500M in upfront expense, along with $50M per year for five years, and $300M in near-term milestone payments to its model.