Sarepta Therapeutics (NASDAQ:SRPT) Trading Down 7.6% After Analyst Downgrade

Sarepta Therapeutics, Inc. (NASDAQ:SRPT)’s share price dropped 7.6% during mid-day trading on Thursday after Robert W. Baird lowered their price target on the stock from $200.00 to $193.00. Robert W. Baird currently has an outperform rating on the stock. Sarepta Therapeutics traded as low as $118.05 and last traded at $118.21. Approximately 1,546,889 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 1,229,456 shares. The stock had previously closed at $127.97.

Several other equities research analysts have also commented on SRPT. UBS Group upped their target price on Sarepta Therapeutics from $173.00 to $188.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Cantor Fitzgerald upgraded Sarepta Therapeutics from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $152.00 to $167.00 in a research report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $182.00 price objective on shares of Sarepta Therapeutics in a research note on Monday, October 21st. Needham & Company LLC restated a “buy” rating and set a $205.00 price target on shares of Sarepta Therapeutics in a research report on Thursday. Finally, Raymond James reissued an “outperform” rating and issued a $150.00 target price on shares of Sarepta Therapeutics in a report on Thursday, October 10th. One equities research analyst has rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $181.33.

Insider Buying and Selling

In related news, Director Michael Andrew Chambers acquired 37,038 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were purchased at an average price of $133.80 per share, for a total transaction of $4,955,684.40. Following the completion of the acquisition, the director now owns 284,034 shares of the company’s stock, valued at approximately $38,003,749.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Sarepta Therapeutics news, Director Michael Andrew Chambers bought 37,038 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were acquired at an average cost of $133.80 per share, for a total transaction of $4,955,684.40. Following the purchase, the director now directly owns 284,034 shares of the company’s stock, valued at $38,003,749.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ian Michael Estepan sold 5,985 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $137.36, for a total transaction of $822,099.60. Following the sale, the chief financial officer now owns 33,946 shares of the company’s stock, valued at $4,662,822.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sarepta Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SRPT. AM Squared Ltd increased its stake in Sarepta Therapeutics by 600.0% during the 3rd quarter. AM Squared Ltd now owns 1,400 shares of the biotechnology company’s stock valued at $175,000 after purchasing an additional 1,200 shares in the last quarter. Mizuho Markets Americas LLC boosted its position in shares of Sarepta Therapeutics by 22.3% during the 3rd quarter. Mizuho Markets Americas LLC now owns 399,065 shares of the biotechnology company’s stock worth $49,839,000 after purchasing an additional 72,765 shares during the period. Simplify Asset Management Inc. raised its position in Sarepta Therapeutics by 84.6% in the 3rd quarter. Simplify Asset Management Inc. now owns 193,010 shares of the biotechnology company’s stock valued at $24,105,000 after purchasing an additional 88,474 shares in the last quarter. CIBC Asset Management Inc increased its stake in Sarepta Therapeutics by 3.3% in the third quarter. CIBC Asset Management Inc now owns 2,712 shares of the biotechnology company’s stock valued at $339,000 after purchasing an additional 86 shares during the last quarter. Finally, Huntington National Bank raised its holdings in shares of Sarepta Therapeutics by 150.9% in the third quarter. Huntington National Bank now owns 291 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 86.68% of the company’s stock.

Sarepta Therapeutics Price Performance

The company has a market cap of $11.30 billion, a price-to-earnings ratio of 264.54 and a beta of 0.81. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.19 and a current ratio of 3.90. The company has a 50-day simple moving average of $126.54 and a 200-day simple moving average of $132.85.

Sarepta Therapeutics (NASDAQ:SRPT) last issued its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.06. Sarepta Therapeutics had a return on equity of 5.32% and a net margin of 3.14%. The firm had revenue of $362.90 million during the quarter, compared to the consensus estimate of $394.38 million. During the same quarter in the prior year, the business posted ($0.27) earnings per share. Sarepta Therapeutics’s revenue for the quarter was up 38.9% on a year-over-year basis. As a group, research analysts predict that Sarepta Therapeutics, Inc. will post 1.48 earnings per share for the current year.

About Sarepta Therapeutics

Sarepta Therapeutics, Inc, a commercial-stage biopharmaceutical company, focuses on the discovery and development of RNA-targeted therapeutics, gene therapies, and other genetic therapeutic modalities for the treatment of rare diseases. It offers EXONDYS 51 injection to treat duchenne muscular dystrophy (duchenne) in patients with confirmed mutation of the dystrophin gene that is amenable to exon 51 skipping; VYONDYS 53 for the treatment of duchenne in patients with confirmed mutation of the dystrophin gene that is amenable to exon 53 skipping; AMONDYS 45 for the treatment of duchenne in patients with confirmed mutation of the dystrophin gene; and ELEVIDYS, an adeno-associated virus based gene therapy for the treatment of ambulatory pediatric patients aged 4 through 5 years with duchenne with a confirmed mutation in the duchenne gene.