We recently published 10 Stocks With Double-Digit Upsides. Sarepta Therapeutics, Inc. is one of the top performers on Thursday.
Sarepta Therapeutics extended its winning streak to a 5th consecutive day on Thursday, surging 15.68 percent to close at $22.35 apiece as investors repositioned portfolios ahead of the upcoming preliminary results for a drug clinical trial to treat myotonic dystrophy type 1 (DM1).
Earlier this year, Sarepta Therapeutics, Inc. said that it would announce “in the second half of the year” the preliminary results of the first phase of its clinical trial for SRP-1003 in patients with DM1, alongside other drug clinical trials for various diseases.
The first phase is being sponsored by SRP-1003’s original developer, Arrowhead Pharmaceuticals, which earlier acquired $174 million worth of stake in Sarepta Therapeutics, Inc. through a privately negotiated block sale.
In addition to the purchase, Sarepta Therapeutics, Inc. entered into an agreement with Arrowhead under which it will transfer to the latter another 2.66 million shares in satisfaction of a $50 million owed, which forms part of the $100 million milestone payment obligation.
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This article is originally published at Insider Monkey.
