Piper Sandler cut its Elevidys peak sales estimate to $1.7 billion from $2.4 billion.

Shares of Sarepta Therapeutics, Inc. (SRPT) traded 46% lower on Monday morning after multiple analysts downgraded the stock following the death of a second patient during their treatment with the firm’s gene therapy Elevidys.

Sarepta first announced a patient’s death following treatment with Elevidys in March. Both non-ambulatory patients suffered from acute liver failure.

Piper Sandler on Monday downgraded Sarepta to ‘Neutral’ from ‘Overweight’ with a price target of $36, down from $70.

Piper expects sales of Elevidys in ambulatory settings to be negatively impacted and cut its Elevidys peak sales estimate to $1.7 billion from $2.4 billion.

H.C. Wainwright on Monday downgraded Sarepta to ‘Sell’ from ‘Neutral’ with a $10 price target. The firm’s new price target implies a 72% downside to the stock’s closing price of $36.18 on Friday.

The firm views Elevidys' risk profile as now heightened for all DMD patients, including those with ambulatory DMD.

H.C. Wainwright stated that, given the "underwhelming" clinical data supporting Elevidys' efficacy across DMD subtypes, it anticipates that an increasing number of patients and physicians will opt against treatment unless robust long-term safety data emerges, particularly demonstrating a near-zero risk of treatment-related mortality.

BMO Capital analyst Kostas Biliouris also downgraded Sarepta to ‘Market Perform’ from ‘Outperform’ with a price target of $70, down from $120, on Sunday, following the update from the company. The analyst believes Sarepta could miss its Elevidys 2025 guidance or announce additional patient deaths.

Sarepta announced on Sunday that shipments of Elevidys to non-ambulatory patients are suspended until an enhanced immunosuppressive regimen is approved to mitigate the risk of acute liver failure. The company is developing a regimen, it said.

For ambulatory patients, however, the company proposed no changes to treatment.

The company also halted dosing in a clinical study evaluating Elevidys in older ambulatory and non-ambulatory individuals living with Duchenne muscular dystrophy, in consensus with the U.S. Food and Drug Administration.

On Stocktwits, retail sentiment around Sarepta jumped from ‘bullish’ to ‘extremely bullish’ territory while message volume flared from ‘high’ to ‘extremely high’ levels.

SRPT's Sentiment Meter and Message Volume as of 8:50 a.m. ET on June 16, 2025 | Source: Stocktwits

A Stocktwits user wondered why analysts are targeting the stock in a “crazy range” of $10 to $70.

Another user believes the stock will end the day above $30.

SRPT stock is down by about 84% this year and nearly 83% over the past 12 months.

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