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Sarepta tumbles after the FDA rejects its muscular dystrophy treatment — a decision that left the CEO ‘very surprised’ (SRPT)

Sarepta Therapeutics new headquarters, Duchenne muscular dystrophy

  • 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.

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Source:: BusinessInsider.Com