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Sarepta price target lowered to $202 from $205 at Needham

Needham lowered the firm’s price target on Sarepta (SRPT) to $202 from $205 and keeps a Buy rating on the shares. The deal with Arrowhead (ARWR) offers platform diversification with clear long-term investment in chronic strategies for rare diseases, and also offers diversification by therapeutic space, as clinical programs span muscle, central nervous system and pulmonary indications, the analyst tells investors in a research note. Needham thinks the deal makes strategic sense given Sarepta’s expertise in rare genetic medicine and is also encouraged by the share buyback, which suggests confidence in near-term revenues.

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