Shares of Sarepta Therapeutics have been upgraded by Mizuho from a neutral rating to an outperform rating, as detailed in a research note published on November 3, 2023. The financial services firm has set a new price target of $26.00, significantly higher than the previous target of $19.00. This upgrade follows a series of mixed evaluations from other financial analysts regarding the biotechnology company’s stock.
In addition to Mizuho’s upgrade, several other analysts have weighed in on Sarepta’s stock. UBS Group maintained a neutral rating on July 21, 2023, while Bank of America raised its target from $16.00 to $18.00 but issued an underperform rating on October 22, 2023. Morgan Stanley also revised its price objective from $15.00 to $20.00 with an equal weight rating on July 29, 2023. Meanwhile, Barclays upgraded its stance from underweight to equal weight with a price target of $22.00 on the same day. Lastly, BMO Capital Markets elevated its rating from market perform to outperform, setting a target price of $50.00 on September 22, 2023.
The consensus among analysts reflects a diverse outlook on Sarepta’s prospects. Currently, eight analysts have rated the stock as a buy, while fifteen have assigned a hold rating and six have issued sell ratings. According to data from MarketBeat.com, the stock holds a consensus rating of “Hold” and a consensus price target of $33.75.
Recent Financial Performance
Sarepta Therapeutics reported its quarterly earnings on November 3, 2023, detailing a loss of ($0.13) earnings per share (EPS), which fell short of the consensus estimate of $0.02 by ($0.15). The company generated revenue of $399.36 million for the quarter, surpassing analysts’ expectations of $331.51 million. Despite the revenue beat, Sarepta’s EPS diminished from $0.62 in the same quarter last year, reflecting a 14.5% decrease in quarterly revenue compared to the previous year. Analysts predict that Sarepta will post an average EPS of 2.67 for the current fiscal year.
Institutional Investment Trends
Recent changes in institutional trading signal a growing interest in Sarepta Therapeutics. Inspire Investing LLC acquired a new stake valued at approximately $967,000 in the first quarter. UBS AM, a distinct business unit of UBS Asset Management Americas LLC, increased its holdings by 54.8%, now owning 463,342 shares valued at $29.57 million after purchasing an additional 164,041 shares.
Additionally, Tempus Wealth Planning LLC boosted its stake by an impressive 475.8% in the second quarter, bringing its total to 20,658 shares valued at $353,000. Assenagon Asset Management S.A. increased its position by 21.8%, now holding 867,939 shares valued at $14.84 million. Trexquant Investment LP also made a significant entry with a new stake worth approximately $11.99 million in the same quarter.
Currently, institutional investors and hedge funds hold approximately 86.68% of Sarepta’s stock, indicating strong confidence in the company’s future potential.
Sarepta Therapeutics, based in the United States, is a commercial-stage biopharmaceutical company specializing in the development of RNA-targeted therapeutics and gene therapies aimed at treating rare diseases. Its key products include EXONDYS 51, VYONDYS 53, AMONDYS 45, and ELEVITYDS, which target Duchenne muscular dystrophy in patients with specific genetic mutations.
With an evolving landscape of analyst ratings and institutional backing, Sarepta Therapeutics remains a company to watch in the biotechnology sector.