Sarepta Therapeutics (NASDAQ:SRPT) Trading Up 7% - Here's What Happened

Key Points

• Sarepta Therapeutics stock rose by 7% during trading, reaching a last price of $23.76, but the volume was down 55% compared to the average daily trading volume.
• Analysts have mixed ratings on Sarepta, with the stock receiving eight "Buy," fourteen "Hold," and seven "Sell" ratings, while the average target price is $34.42.
• The company reported a quarterly earnings beat with an EPS of $2.02, significantly higher than the expected $0.89, along with a revenue increase of 68.4% year over year to $611.09 million.

Sarepta Therapeutics, Inc. (NASDAQ:SRPT - Get Free Report)'s stock price rose 7% during trading on Thursday . The stock traded as high as $23.38 and last traded at $23.76. Approximately 2,820,285 shares changed hands during trading, a decline of 55% from the average daily volume of 6,310,238 shares. The stock had previously closed at $22.20.

Analysts Set New Price Targets

SRPT has been the subject of several research analyst reports. Needham & Company LLC reiterated an "underperform" rating on shares of Sarepta Therapeutics in a research note on Monday, July 28th. JPMorgan Chase & Co. upgraded shares of Sarepta Therapeutics from an "underweight" rating to a "neutral" rating and set a $24.00 price objective for the company in a research note on Tuesday, July 29th. Baird R W lowered shares of Sarepta Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 18th. Morgan Stanley boosted their price target on shares of Sarepta Therapeutics from $15.00 to $20.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 29th. Finally, Piper Sandler boosted their price target on shares of Sarepta Therapeutics to $15.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Eight analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $34.42.

Sarepta Therapeutics Stock Up 5.1%

The stock's fifty day moving average is $19.42 and its two-hundred day moving average is $29.99. The company has a current ratio of 2.89, a quick ratio of 1.81 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $2.28 billion, a PE ratio of -26.83 and a beta of 0.51.

Sarepta Therapeutics (NASDAQ:SRPT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $2.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $1.13. Sarepta Therapeutics had a negative return on equity of 1.03% and a negative net margin of 2.34%.The business had revenue of $611.09 million for the quarter, compared to analysts' expectations of $530.66 million. During the same period in the previous year, the business posted $0.07 EPS. The firm's quarterly revenue was up 68.4% compared to the same quarter last year. As a group, analysts predict that Sarepta Therapeutics, Inc. will post 2.67 EPS for the current year.

Institutional Investors Weigh In On Sarepta Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue increased its position in shares of Sarepta Therapeutics by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 11,175 shares of the biotechnology company's stock worth $713,000 after purchasing an additional 285 shares during the last quarter. State of Michigan Retirement System boosted its stake in Sarepta Therapeutics by 1.3% in the first quarter. State of Michigan Retirement System now owns 22,900 shares of the biotechnology company's stock worth $1,461,000 after buying an additional 300 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in Sarepta Therapeutics by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 26,800 shares of the biotechnology company's stock worth $1,710,000 after buying an additional 300 shares in the last quarter. Ancora Advisors LLC boosted its stake in Sarepta Therapeutics by 150.0% in the first quarter. Ancora Advisors LLC now owns 500 shares of the biotechnology company's stock worth $32,000 after buying an additional 300 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in Sarepta Therapeutics by 5.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,387 shares of the biotechnology company's stock worth $408,000 after buying an additional 358 shares in the last quarter. 86.68% of the stock is currently owned by institutional investors.

About Sarepta Therapeutics

Sarepta Therapeutics, Inc, a commercial-stage biopharmaceutical company, focuses on the discovery and development of RNA-targeted therapeutics, gene therapies, and other genetic therapeutic modalities for the treatment of rare diseases. It offers EXONDYS 51 injection to treat duchenne muscular dystrophy (duchenne) in patients with confirmed mutation of the dystrophin gene that is amenable to exon 51 skipping; VYONDYS 53 for the treatment of duchenne in patients with confirmed mutation of the dystrophin gene that is amenable to exon 53 skipping; AMONDYS 45 for the treatment of duchenne in patients with confirmed mutation of the dystrophin gene; and ELEVIDYS, an adeno-associated virus based gene therapy for the treatment of ambulatory pediatric patients aged 4 through 5 years with duchenne with a confirmed mutation in the duchenne gene.

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