FDA Will Ask Sarepta to Halt Gene Therapy Shipments
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Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, today issued the following statement:
Shares of Sarepta Therapeutics plummeted Friday following a report that a third patient has died during a clinical trial for one of its medications.
The FDA will request Sarepta Therapeutics stop all shipments of Elevidys, its gene therapy for Duchenne muscular dystrophy, following two deaths tied to the product.
The restructuring enacted by Sarepta Therapeutics is expected to save up to $400 million in annual costs. Read why I'm downgrading SRPT stock from Hold to Sell.
Shares of struggling drug developer Sarepta Therapeutics skyrocketed nearly 40% in extended trading Wednesday after the company unveiled a major restructuring plan.