Sarepta Therapeutics Inc (NASDAQ:SRPT) stock was up on Thursday following an upgrade from Leerink Swann.
Leerink Swann analysts Joseph Schwartz and Dae Gon Ha have upgraded Sarepta Therapeutics Inc from a “Market Perform” rating to an “Outperform” rating. The price target for the company was also raised. It now sits at $47, which is a large increase over the previous price target of $27.
The Leerink Swann analysts say that the reason for the Sarepta Therapeutics Inc rating upgrade and increase in price target is because the stock “appears to have fully consolidated and reflects reasonable expectations for the Exondys launch.”
Joseph Schwartz and Dae Gon Ha also claim that Sarepta Therapeutics Inc’s management team is being very conservative with revenue expectations for 2017. SRPT is expecting first qaurter revenue between $13 million and $15 million and 2017 revenue of $80 million, reports Barron’s.
Wall Street is looking for Sarepta Therapeutics Inc to report revenue of $21.74 million during the first quarter of 2017. For the full year of 2017, Wall Street is expecting the biopharmaceutical company to report revenue of $120.08 million.
Sarepta Therapeutics Inc released its earnings report for the fourth quarter of 2016 on Tuesday. The company’s losses per share of $1.58 came in below Wall Street’s losses per share estimate of $1.26.
Sarepta Therapeutics Inc also reported revenue of $5.4 million for the fourth quarter of the year. This actually came in above analysts’ estimates for the quarter, which were set at $5 million, Yahoo Finance notes.
SRPT stock was up 11% as of Thursday afternoon and is up 24% year-to-date.