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

研报英文原文证据摘录

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