Citi says the recent selloff in this biotech stock is 'overdone,' predicts shares can rally 30%
The recent selloff in shares of Sarepta Therapeutics looks "overdone," according to Citi. Analyst Neena Bitritto-Garg initiated coverage of the biotechnology stock with a buy rating, saying in a Tuesday note to clients that a positive vote from a Food and Drug Administration advisory committee on its SRP-9001 investigational gene therapy for Duchenne muscular dystrophy could provide $30 to $40 in upside per share.
mountain Shares so far this year She added that an advisory committee "may not be indicative of a meaningful change in FDA's position on the filing." Along with the buy rating, Bitritto-Garg slapped a $179 price target on shares, implying 30% upside from Monday's close. Shares have gained more than 6% in 2023. — CNBC's Michael Bloom contributed reporting