Sarepta Therapeutics (NASDAQ:SRPT) stock is heading higher on Wednesday following the release of the company’s latest earnings report.
For the fourth quarter of 2022, Sarepta Therapeutics reported adjusted EPS of -53 cents. That’s much better than the -83 cents per share that Wall Street had expected. It’s also an improvement compared to the company’s -77 cent loss per share from the same time last year.
To go along with that, Q4 revenue came in at $258.43 million. That’s another beat for SRPT stock next to analysts’ revenue estimate of $251.53 million. It also represents a roughly $57 million increase compared to Q4 2021.
Doug Ingram, President and CEO of Sarepta Therapeutics, said the following in the earnings report:
“Sarepta’s proven ability to launch Duchenne therapies and effectively serve the Duchenne patient community was once again on display in 2022 as we delivered nearly $236 million and $844 million in net product revenue for the quarter and year, respectively, and grew at 32% for the quarter and 38% for the year.”
SRPT Stock Upgrade
Following the positive earnings report, Morgan Stanley analyst Matthew Harrison upgraded shares of SRPT stock. That pushed shares up from “equal weight” to an “overweight” rating. The upgrade also came with a price target increase from $141 to $187 per share. For the record, SRPT stock closed out trading on Tuesday at $122.13.
SRPT stock is also seeing heavy trading with today’s earnings news and upgrade. That has some 1 million units on the move as of this writing, which is already above the company’s daily average trading volume of about 923,000 shares.
SRPT stock is up 21.1% as of Wednesday morning.
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On the date of publication, William White did not hold (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.