In a rather quiet market where the Dow is down but the S&P and NASDAQ are both up, Sarepta Therapeutics Inc (NASDAQ:SRPT) shares have rallied 3%, showing some solid relative strength.
Given the normal volume traded (of 1 million shares at mid-day versus 2.5 million on average), we don’t think that Sarepta Therapeutics is moving on any fundamental news.
At this point, Sarepta Therapeutics Inc (NASDAQ:SRPT) shares look range-bound since late December. Investors are eager for to analyze any Exondys 51 sales data that comes out. Analysts are for the most part bullish with Ritu Baral of Cowen assigning a $62 price target and an ‘Outperform’ rating. Anupam Rama of JPMorgan has a $42 price target, saying that his survey data suggests Exondys 51 sales could come in at $94 million for 2017, versus the $90-$91 million consensus. Judging by the price action, many traders think there is a good probability that Sarepta Therapeutics Inc (NASDAQ:SRPT) will remain range-bound until actual data comes out.
While analysts are for the most part bullish, our data shows that the smart money is more cautious. Of the 742 elite funds we track, 25 funds owned $451.9 million of Sarepta Therapeutics Inc (NASDAQ:SRPT) and accounted for 30.10% of the float on December 31, versus 32 funds and $1.12 billion respectively on September 30. 18% of the stock’s float is also short.