Sarepta rises after Wells Fargo starts coverage with 'overweight' rating

Shares of gene therapy maker Sarepta Therapeutics SRPT.O rise 1.8% to $51.19

Wells Fargo starts coverage on SRPT with "overweight" rating and sets PT at $115

The new price target represents more than double the upside to stock's last close

Brokerage says SRPT's muscle disorder therapy, Elevidys, remains best option for most young patients with Duchenne muscular dystrophy, so commercial opportunity is largely intact

SRPT said last week it had temporarily halted three trials testing its gene therapy Elevidys, following the death of a patient last month upon receiving the treatment

Wells Fargo sees no significant impact to the company due to the event

Brokerage expects global sales of $1.6 billion in 2025 and peak sales of $3.5 billion in 2028 for Elevidys

Twenty of 24 brokerages rate the stock "buy" or higher, four "hold"; their median PT is $158.09 - data compiled by LSEG

Up to last close, shares have fallen 58.5% YTD