Sarepta price target raised to $217 from $210 at BofA

BofA analyst Tazeen Ahmad raised the firm’s price target on Sarepta (SRPT) to $217 from $210 and keeps a Buy rating on the shares after the company announced an agreement with Arrowhead (ARWR) to license four clinical and three preclinical programs for an upfront payment of $500M and a $325M equity investment. The firm, which remains bullish on the Elevidys launch, thinks the deal strengthens the pipeline, providing optionality for additional revenue streams beyond the DMD franchise in the long-term, and believes this should help to address concerns some investors have shared about wanting Sarepta diversification beyond “one and done” gene therapies.