Sarepta Therapeutics shares soared Monday after the stock was upgraded to "outperform" at Oppenheimer.
The firm raised the price target on the company to $60 per share following further analysis of advisory committee discussions and historical precedence that supports Sarepta's case for seeking accelerated approval for eteplirsen, its Duchenne's muscular dystrophy (DMD) drug. The new price target indicates an upside of more than 322 percent from the stock's Friday close of $14.19.
Shares of Sarepta were up more than 26 percent Monday.
Last week the Food and Drug Administration's AdCom met to discuss whether or not there was sufficient clinical evidence of eteplirsen's efficacy to warrant accelerated approval. The committee ultimately chose to not approve the drug with seven members voting that there wasn't substantial evidence of the drug's effectiveness. Three committee members supported Sarepta's proposal and the remaining three abstained.