Sarepta Therapeutics (SRPT) CEO Buys $2 million Worth


 
 
06:39 08/16/2018

After a recent pullback, Sarepta Therapeutics Inc. SRPT  CEO Douglas Ingram bought 16,000 shares at a cost of $125.26 for $2 million.

The last time the CEO was actively buying, he bought 47,058 shares at an average cost of $42.50 for $2 million. The stock would run to $180 by June 2018.

That’s quite a winning hand. And a great reason to pay attention to the stock.

On August 1, 2018, Morgan Stanley upgraded the stock from equal weight to overweight with a $163 price target. “We believe the decline has occurred as shareholders transition from mostly short-term to more longer-term oriented investors,” they noted. “Importantly, we do not believe a major bear case has emerged on the prospects for their DMD [Duchenne muscular dystrophy] gene-therapy program.”

“While competition and manufacturing could present headwinds, we believe management will solve any manufacturing hurdles quickly and believe management's lead on competition significantly reduces the competitive threat,” the analyst said.



It would appear the CEO agrees with that assessment, too.

Technically, the stock is consolidating at $129.58 a share. We believe the stock has the potential to breakout to test a high of $180. Stay tuned.


This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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