Sarepta Therapeutics' (SRPT) commercial portfolio alone should support a higher valuation, while the company's clinical development programs should add further upside, Wedbush said in a Friday note.
Wedbush sees quarterly Elevidys net revenue as in line with management's previous guidance and said that the company's reiterated 2026 total net product revenue guidance represents confidence that continued positive cash flow will be enough to fund the siRNA programs in the pipeline.
Looking ahead, the brokerage said that Elevidys uptake should increase over time, with recent three-year data from the phase 3 Embark study supporting Elevidys' clinical benefit as well as the importance of early clinical intervention.
Wedbush said that the DM1 and FSHD muscle diseases data in phase 1/2 studies in single ascending dose groups showed a strong safety profile with no dose limiting toxicities, and that the company expects to report data from multiple ascending dose groups of the studies by year-end.
Additionally, the company's Huntington's Disease program is on track to dose the first patient in Q2 and Sarepta Therapeutics expects to confirm proof-of-biology with target gene-protein knockdown in early 2027, Wedbush said.
The brokerage maintained the company's outperform rating with a $35 price target.
Price: $20.10, Change: $-0.71, Percent Change: -3.39%