Why Is Sarepta Therapeutics (SRPT) Stock Down 20% Today?

  • Sarepta Therapeutics (SRPT) stock is sliding on a Food and Drug Administration (FDA) update.
  • The FDA has requested an advisory committee meeting.
  • This concerns SRPT’s SRP-9001.
SRPT Stock - Why Is Sarepta Therapeutics (SRPT) Stock Down 20% Today?

Source: Freedom Studio/Shutterstock.com

Sarepta Therapeutics (NASDAQ:SRPT) stock is sliding lower on Friday after the company announced an advisory committee meeting with the Food and Drug Administration (FDA).

According to a press release, the company will meet with the FDA prior to May 29, 2023, to discuss the development of SRP-9001. This is its investigational gene therapy for the treatment of Duchenne muscular dystrophy.

It’s worth noting that the FDA seeking an additional meeting is a change compared to its prior stance on SRP-9001. The meeting comes as the company was preparing for the SRP-9001 regulatory action date on May 29, 2023.

Doug Ingram, president and CEO of Sarepta Therapeutics, said the following about the advisory committee meeting update:

“While we are disappointed that we must communicate a change in decision after our prior statement on the topic, we are not disappointed with the decision to hold an advisory committee. We had been preparing for an advisory committee meeting from the filing of the BLA in the fall of 2022. We will be well prepared, and look forward to presenting the wealth of evidence supporting the transformative potential of SRP-9001.”

SRPT Friday Stock Movement

Despite the drop in SRPT stock, shares aren’t seeing heavy trading today. Instead, about 153,000 shares have changed hands, as compared to its daily average trading volume of 1.2 million shares. Even so, SRPT stock is down 19.8% as of Friday morning.

Investors looking for more of the latest stock market news are in luck!

We’ve got all the most recent stock market news worth knowing about on Friday! That includes why shares of First Republic Bank (NYSE:FRC), Diebold Nixdorf (NYSE:DBD), and Histogen (NASDAQ:HSTO) stock are moving today. You can read up on all that news at the following links!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-sarepta-therapeutics-srpt-stock-down-20-today/.

©2023 InvestorPlace Media, LLC