But for now the attention should focus on eteplirsen alone. Lazard pegs the opportunity for exon-51 as being worth anywhere from $83 to $139 a share. I don’t doubt it. Wall Street values the legislatively-protected cash flow from orphan drugs very highly – just look at the multiple Sanofi paid for Genzyme – and Sarepta could have a similarly rosy future.
Immediately after the release of the positive Phase II data Sarepta’s stock traded in the mid 40s before sliding all the way down to where the company raised money at $25.25. Since the company is so well funded I don’t expect a similar meltdown post-AA rather I expect the market to begin to consider the value to Sarepta upon approval as well as the significant European potential for the drug. My best guess is that the stock retests its’ 52-week high of $45, with the price climbing into the decision once the drumbeats within and without the FDA begin to be heard.