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Stock Market & Financial Investment News

News Breaks
April 16, 2013
10:20 EDTSRPTSarepta tumbles after FDA requests more data on drug
Shares of Sarepta Therapeutics (SRPT) are sinking after the company announced that the FDA had requested additional information about its eteplirsen treatment for Duchenne muscular dystrophy, or DMD. WHAT'S NEW: The FDA requested that Sarepta provide a summary explaining why dystrophin, the production of which is supposed to be stimulated by eteplirsen, is an acceptable therapy for DMD, Sarepta announced last night. The FDA also requested detailed information about the clinical trials of eteplirsen, and indicated that it would need the information in order to help determine whether the drug is eligible for accelerated approval, according to Sarepta. The company said that it was "encouraged" by its discussions with the FDA. ANALYST REACTION: In a note to clients, Piper Jaffray analyst Edward Tenthoff wrote that the FDA's request indicates that the agency is looking to find a way to grant the drug accelerated approval. There is now a greater than 50/50 chance that Sarepta will be able to file for approval of the drug based on existing data, the analyst believes, adding that such a development should cause the stock to advance significantly. If, on the other hand, Sarepta is required to conduct a Phase III clinical trial of the drug before obtaining FDA approval for it, the resulting drop in the stock will create a buying opportunity, added Tenthoff. The analyst increased his price target on the shares to $50 from $35 and reiterated an Overweight rating on the stock. TODAY'S PRICE ACTION: In mid-morning trading, Sarepta fell $5.65, or 14.4%, to $33.50.
News For SRPT From The Last 14 Days
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November 24, 2014
16:34 EDTSRPTOn The Fly: Closing Wrap
Stocks on Wall Street opened in quiet fashion and trading remained that way throughout the day. The Dow and S&P moved in a narrow range and hugged the flat line, while the Nasdaq drifted steadily higher and added nearly 1% by the close of trade. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index fell to 0.14 in October, versus expectations for a reading of 0.33. Markit's services PMI fell to 56.3 in the flash reading for November, versus expectations for a slight increase to 57.3 from its prior reading of 57.1. The Dallas Fed manufacturing index was steady at 10.5 in November, versus expectations for a 9.0 reading. Overseas, the euro area’s largest economy, Germany, saw a business climate index advance to 104.7 in November from 103.2 in October, beating economists' prediction for a decline to a reading of 103. COMPANY NEWS: Apple (AAPL) had a role in the Nasdaq's outperformance, as the tech giant climbed after a number of research firms, including Susquehanna, Cantor and KGI Research, were upbeat on the outlook for the company's performance during the holiday season. The iPhone maker's stock rose $2.15, or 1.85%, to close at $118.62 to close just below the 52-week high of $118.77 it hit late in the session... United Technologies (UTX) fell $1.51, or 1.37%, to $108.79 after the Dow member announced that Louis Chenevert had retired as Chairman and CEO, effective immediately. The company reaffirmed its expectations for 2014 earnings per share and sales, but provided little information regarding the abrupt exit of the executive. MAJOR MOVERS: Among the notable gainers was Prosensa (RNA), which surged $7.16, or 62.59%, to $18.60 after the small drugmaker agreed to be acquired by larger BioMarin (BMRN). After the deal announcement BioMarin shares also rose $2.11, or 2.46%, to $87.94, while Sarepta Therapeutics (SRPT), which is working on a Duchenne muscular dystrophy treatment to rival Prosensa's, advanced 88c, or 5.59%, to $16.61. Also higher was Cimatron (CIMT), which jumped $2.57, or 42.27%, to $8.65 after 3D Systems (DDD) agreed to buy the company for approximately $97M, or $8.97 per share, in cash. Among the noteworthy losers was Ring Energy (REI), which fell $1.28, or 9.54%, to $12.14 after Canaccord downgraded the stock to Hold from Buy, citing the the recent decline in crude oil prices and the potential need for the company to raise capital. Also lower were shares of Potash (POT), which fell $2.23, or 6.09%, to $34.40, and Mosaic (MOS), which slid $1.75, or 3.71%, to $45.46 after Russia's Uralkali, the world's largest potash producer, was reported to be set to start repair work at part of its damaged mine. INDEXES: The Dow added 7.84, or 0.04%, to 17,817.90, the Nasdaq rose 41.92, or 0.89%, to 4,754.89, and the S&P 500 gained 5.91, or 0.29%, to 2,069.41.
12:59 EDTSRPTOn The Fly: Midday Wrap
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12:21 EDTSRPTBioMarin rises after agreeing to buy DMD drug maker Prosensa
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09:23 EDTSRPTOn The Fly: Pre-market Movers
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09:20 EDTSRPTProsensa buyout not good for Sarepta, says Piper Jaffray
Piper Jaffray says it views the Prosensa (RNA) acquisition by BioMarin (BMRN) as bad for Sarepta (SRPT) since the company now has to compete with a "significantly more experienced and better funded orphan drug player." Piper adds that the takeover announced this morning has no impact on Sarepta's current drug filing process for its Duchenne muscular dystrophy drug eteplirsen. It keeps a Neutral rating on Sarepta with a $20 price target. The stock is trading up 9% in pre-market trading to $17.16 after BioMarin paid a healthy premium to acquire its peer Prosensa.
08:12 EDTSRPTSarepta rises after DMD competitor acquired at significant premium
Shares of Sarepta Therapeutics (SRPT) are up 9.5% to $17.23 in early pre-market trading after rival drugmaker Prosensa (RNA) agreed to be acquired by BioMarin (BMRN). BioMarin has offered to purchase all of the outstanding ordinary shares of Prosensa for $17.75 per share, for a total up front consideration of approximately $680M. In addition, two approximately $80M contingent milestones are payable for the approval of drisapersen in the U.S. and Europe. Drisapersen is Prosensa's lead exon-skipping drug candidate for treating Duchenne muscular dystrophy, or DMD. Sarepta is at work on eteplirsen, its own exon-skipping therapeutic candidate for the treatment of DMD. Prosensa closed trading Friday at $11.44 and are up about 65% to $18.90 in pre-market trading following the deal announcement.
November 20, 2014
15:14 EDTSRPTTraveler returned from Mali being tested for Ebola in NYC, Daily News reports
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November 18, 2014
09:17 EDTSRPTSarepta announces first patient dosed in Eteplirsen study
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November 17, 2014
08:44 EDTSRPTNebraska Medical announces death of third Ebola patient
The Nebraska Medical Center said via Twitter, "We are sorry to announce that the 3rd Ebola patient, Dr. Martin Salia, has passed away as a result of the advanced symptoms of the disease." Drug companies that are working on experimental Ebola vaccines or treatments include Peregrine (PPHM), Tekmira (TKMR), Sarepta (SRPT), BioCryst (BCRX), Chimerix (CMRX) and NewLink Genetics (NLNK). Some companies that offer protective clothing and waste disposal include Lakeland Industries (LAKE), Alpha Pro Tech (APT) and Sharps Compliance (SMED).
November 12, 2014
17:20 EDTSRPTSarepta doses first patient in study of muscular dystrophy candidate Eteplirsen
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