Sarepta Therapeutics Inc. (NASDAQ:SRPT)’s share price shot up 12.6% on Tuesday after SunTrust Banks upgraded the stock to a reduce rating. SunTrust Banks now has a $48.00 price target on the stock, up from their previous price target of $4.00. Sarepta Therapeutics traded as high as $56.80 and last traded at $55.10, with a volume of 13,307,535 shares. The stock had previously closed at $48.94.
Several other equities research analysts also recently commented on the company. Needham & Company LLC increased their price objective on Sarepta Therapeutics from $47.00 to $81.00 and gave the company a “buy” rating in a report on Tuesday. Wedbush reissued an “outperform” rating and issued a $66.00 price objective on shares of Sarepta Therapeutics in a report on Tuesday. Cowen and Company raised Sarepta Therapeutics from a “market perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a report on Tuesday. Oppenheimer Holdings Inc. increased their price objective on Sarepta Therapeutics from $60.00 to $76.00 in a report on Monday. Finally, JMP Securities raised Sarepta Therapeutics to an “outperform” rating and increased their price objective for the company from $10.00 to $60.00 in a report on Monday. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $51.01.
In related news, VP Jayant Aphale sold 35,000 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $50.00, for a total value of $1,750,000.00. Following the sale, the vice president now directly owns 21,490 shares of the company’s stock, valued at $1,074,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Edward M. Md Kaye sold 24,352 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $50.00, for a total value of $1,217,600.00. Following the completion of the sale, the chief executive officer now directly owns 89,983 shares in the company, valued at $4,499,150. The disclosure for this sale can be found here. 10.90% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas raised its stake in Sarepta Therapeutics by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 6,034 shares of the company’s stock valued at $115,000 after buying an additional 724 shares during the period. Advisor Group Inc. acquired a new stake in Sarepta Therapeutics during the second quarter valued at $154,000. Quantitative Systematic Strategies LLC acquired a new stake in Sarepta Therapeutics during the second quarter valued at $211,000. National Planning Corp raised its stake in Sarepta Therapeutics by 2.1% in the first quarter. National Planning Corp now owns 13,678 shares of the company’s stock valued at $242,000 after buying an additional 275 shares during the period. Finally, First Allied Advisory Services Inc. raised its stake in Sarepta Therapeutics by 6.7% in the second quarter. First Allied Advisory Services Inc. now owns 12,800 shares of the company’s stock valued at $245,000 after buying an additional 800 shares during the period. 72.09% of the stock is currently owned by institutional investors and hedge funds.
The firm’s 50 day moving average is $29.05 and its 200-day moving average is $21.62. The firm’s market cap is $2.69 billion.
Sarepta Therapeutics (NASDAQ:SRPT) last issued its quarterly earnings results on Tuesday, July 19th. The company reported ($1.35) EPS for the quarter, missing analysts’ consensus estimates of ($1.19) by $0.16. During the same quarter in the previous year, the firm earned ($0.87) earnings per share. On average, equities research analysts predict that Sarepta Therapeutics Inc. will post ($4.17) EPS for the current fiscal year.
About Sarepta Therapeutics
Sarepta Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the discovery and development of ribonucleic acid (RNA)-targeted therapeutics for the treatment of rare, infectious and other diseases. The Company operates in one segment: the development of pharmaceutical products on its own behalf or in collaboration with others.
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