- Pharmaceutical company Sarepta Therapeutics dropped as much as 18% in early Tuesday trading after the FDA issued a surprising rejection of its second drug for Duchenne muscular dystrophy.
- The FDA cited risk of infection from intravenous infusion ports and kidney toxicity for its decision. The company’s CEO said the agency hadn’t previously mentioned the two concerns.
- Research firm Cantor Fitzgerald lowered its price target for Sarepta stock by 24%, saying the FDA’s decision “could be political.”
- The director for the FDA’s Office of Drug Evaluation is a “vocal critic” of Sarepta’s treatment, according Cantor analysts.
- Watch Sarepta trade live here.