Sarepta Therapeutics (NASDAQ:SRPT) Shares Down 6.3% After Analyst Downgrade

Sarepta Therapeutics, Inc. (NASDAQ:SRPT) fell 6.3% during trading on Friday after Piper Sandler lowered their price target on the stock from $23.00 to $20.00. Piper Sandler currently has a neutral rating on the stock. Sarepta Therapeutics traded as low as $19.46 and last traded at $19.2320. 231,259 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 3,073,692 shares. The stock had previously closed at $20.52.

A number of other research firms have also recently weighed in on SRPT. Royal Bank Of Canada upped their price target on Sarepta Therapeutics from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 7th. HC Wainwright reiterated a “sell” rating on shares of Sarepta Therapeutics in a research note on Thursday, April 16th. Zacks Research downgraded shares of Sarepta Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Wall Street Zen upgraded shares of Sarepta Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. Finally, Wedbush raised their price target on shares of Sarepta Therapeutics from $29.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, March 26th. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $25.09.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SRPT. Handelsbanken Fonder AB grew its holdings in Sarepta Therapeutics by 12.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 39,815 shares of the biotechnology company’s stock worth $715,000 after acquiring an additional 4,300 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Sarepta Therapeutics in the 2nd quarter valued at about $8,165,000. Bank of America Corp DE raised its stake in shares of Sarepta Therapeutics by 26.6% in the 1st quarter. Bank of America Corp DE now owns 2,145,926 shares of the biotechnology company’s stock valued at $46,695,000 after purchasing an additional 450,336 shares in the last quarter. Bull Harbor Capital LLC bought a new position in shares of Sarepta Therapeutics during the first quarter worth about $398,000. Finally, ADAR1 Capital Management LLC lifted its position in shares of Sarepta Therapeutics by 807.8% during the first quarter. ADAR1 Capital Management LLC now owns 262,058 shares of the biotechnology company’s stock worth $5,702,000 after purchasing an additional 233,192 shares during the last quarter. 86.68% of the stock is currently owned by institutional investors.

Sarepta Therapeutics Stock Down 8.0%

The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -19.68, a P/E/G ratio of 0.21 and a beta of 0.21. The stock has a 50 day moving average of $17.79 and a 200 day moving average of $19.29. The company has a quick ratio of 2.62, a current ratio of 4.63 and a debt-to-equity ratio of 0.56.

Sarepta Therapeutics (NASDAQ:SRPT) last announced its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $3.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $2.18. Sarepta Therapeutics had a positive return on equity of 7.56% and a negative net margin of 2.94%.The firm had revenue of $730.80 million for the quarter, compared to analysts’ expectations of $474.15 million. During the same quarter in the prior year, the firm posted ($3.42) earnings per share. Sarepta Therapeutics’s revenue for the quarter was down 1.9% compared to the same quarter last year. As a group, analysts expect that Sarepta Therapeutics, Inc. will post 3.95 earnings per share for the current fiscal year.

About Sarepta Therapeutics

Sarepta Therapeutics, Inc is a biopharmaceutical company focused on the discovery and development of precision genetic medicines for rare neuromuscular diseases. Headquartered in Cambridge, Massachusetts, Sarepta’s core expertise lies in designing RNA-targeted therapies and gene therapies that address underlying genetic mutations. The company’s mission is to transform the treatment paradigm for patients with Duchenne muscular dystrophy (DMD) and related disorders through innovative modalities.

Sarepta’s commercial products include several exon-skipping therapies approved by the U.S.