SRPT Upgrade to Outperform. Puzzle pieces are there. Investors can now put them together

Research evidence excerpt

SRPT Upgrade to Outperform. Puzzle pieces are there. Investors can now put them together

Biotechnology - Immunology

Genetic Medicines - Market Weight

SAREPTA THERAPEUTICS, INC. (SRPT) July 14, 2026

SRPT Upgrade to Outperform. Puzzle pieces are there. Rating:

Investors can now put them together Outperform

Price:

$19.79

The Wolfe Byte Price Target:

Stock gains in SRPT have been transient but we believe this would shift given $27

% Upside:a different market regime and stock setup currently. MAD data H2, readthrough 36.4%

from Novartis, and increasing investor attention on DM1/FSHD should benefit

View SRPT Model

SRPT. Upgrade to Outperform PT, $27. View Comp Table

Company Information

Early in the year, we turned increasingly positive on SRPT given DM1/FSHD data but 52-Week Range $12 - $24

believed that stock gains would only be transient (recent bullish report). However, Market Cap. (M) $2,089

market regime and stock setup are now becoming increasingly favorable that the Shares Out. (MM) 105.6 Avg. Value Traded (MM) $54.74

stock should be able to lock-in gains longer-term. SI% of Float 24.9%

Dividend Yield 0.0%

First, valuation shines brighter when many are deemed overvalued. As buyside

continues to complain about biotech overvaluation (XBI +28% past month), there will Price Performance

YTD LTMnow be increasing pressure to find undervalued targets. Even though SRPT also rose 14% SRPT (8)%

with the sector, the stock still trades shy of March-high of $23-24/sh after the positive SPX 10% -

Arrowhead-asset readout.

Second, Sarepta H2 update and Novartis H2 update should amplify DM1/FSHD 2422

value. The values of DM1/FSHD assets are masked within SRPT, but we will see 20

6mo data in H2 with "pivotal trials possibly starting next year". Focus should be on 1816