UPDATE: Canaccord Genuity Downgrades Sarepta Therapeutics as FDA Talks Continue

In a report published Friday, Canaccord Genuity analyst Ritu Baral downgraded the rating on Sarepta Therapeutics (NASDAQ: SRPT) from Buy to Hold, but reiterated the $20.00 price target.

In the report, Canaccord Genuity noted, “Lowering to HOLD, keeping $20 target; we see etep potential in Duchenne muscular dystrophy (DMD) as baked in until regulatory clarity is nearer. We still predict eventual clinical/commercial success, but feel there is major near-term uncertainty in etep's regulatory timelines as the FDA continues to ponder what it wants from a pivotal dataset. While etep clinical data to date suggests to us good efficacy and best-in-class safety, confirmatory trial/regulatory timelines are less predictable. Our $20 target is based on a pNPV analysis.”

Sarepta Therapeutics closed on Thursday at $18.98.