NEW YORK (TheStreet) -- Shares of Sarepta (SRPT) - Get Reportwere rising 5.62% to $62.42 in mid-morning trading on Wednesday as JMP Securities increased its price target to $90 from $60, maintaining an "outperform" rating due to the potential for the company's Exondys drug for Duchenne muscular dystrophy.
Wall Street is underestimating the price of the drug, which was approved by the FDA last week, the firm said.
The Cambridge, MA-based biopharmaceutical company projects Exondys' annual net price to be $300,000. But JMP expects the price to near $538,000 per year on a gross basis, and $457,000 net of discounts and compliance.
RBC Capital also upped its price target on Sarepta to $108 from $83 this morning, keeping an "outperform" rating, the Fly reports.
After speaking two three neurologists who treat Duchenne muscular dystrophy, the firm said the doctors were "fairly bullish" on Sarepta's treatment.
RBC said the doctors plan to use the drug "in essentially all eligible patients."
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: AAPL