Sarepta Therapeutics gains as Pfizer failure removes overhang By Investing.com

Sarepta Therapeutics (NASDAQ:) stock rose over 3% Thursday after Pfizer (NYSE:) announced disappointing results from its Phase 3 CIFFERO trial of its gene therapy fodadistrogene movaparvovec after the close on Wednesday.

The trial failed to meet its primary endpoint of change in the North Star Ambulatory Assessment (NSAA) and key secondary endpoints, including 10-meter run/walk velocity and time-to-rise from floor velocity.

Following the news, analysts at Mizuho said they see this news as a positive for Sarepta “as Pfizer will unlikely have the necessary clinical data to submit fodadistrogene movaparvovec for regulatory approval.”

As a result, analysts believe Elevidys will have no near-term competition, and they see potential upside to their Elevidys sales forecast and consensus estimates. They maintain their Buy rating and $179 PT,” concluded Mizuho.

Meanwhile, analysts at William Blair said that while they never viewed fordadistrogene movaparvovec as a real competitive threat to Elevidys, given the safety concerns it has had throughout its development, they “believe this news all but removes it from the competitive landscape as we approach the June 21 PDUFA date for Elevidys’s label expansion and conversion to full approval.”