TD Cowen downgrades Sarepta Therapeutics to 'hold'

TD Cowen downgrades its rating on gene therapy developer Sarepta Therapeutics SRPT.O to "hold" from "buy"

Brokerage says there is an increased probability of FDA withdrawal of Elevidys for non-ambulatory and even ambulatory patients, if SRPT continues to lose support from the Duchenne Muscular Dystrophy (DMD) community

On Sunday, Sarepta announced a second death of a patient from acute liver failure after receiving its gene therapy Elevidys

Elevidys is a one-time gene therapy that delivers a micro-dystrophin gene to muscle cells, aiming to treat the root cause of DMD, which causes progressive muscle deterioration

Brokerage cuts PT to $24 from $62; new PT still represents an 11.3% upside to stock's last close

As of last close, stock down ~82.3% YTD