Biotech Price Target Raised on Strong FSHD and DM1 siRNA Data
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Disclosures for Wedbush, Sarepta Therapeutics Inc., March 26, 2026

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Published March 26, 2026, Wedbush Securities analyst Yun Zhong raised the price target on Sarepta Therapeutics Inc. (SRPT:NASDAQ) to US$35 from US$29, maintaining an Outperform rating, after the company reported encouraging preliminary data from its Phase 1/2 studies for SRP-1001 (FSHD) and SRP-1003 (DM1), prompting inclusion of both programs in the firm's valuation.

The catalyst for the target increase was positive preliminary data from Sarepta's siRNA pipeline, specifically for SRP-1001 targeting facioscapulohumeral muscular dystrophy (FSHD) and SRP-1003 targeting myotonic dystrophy type 1 (DM1). Both candidates demonstrated strong safety profiles with no dose-limiting toxicities or treatment-related serious adverse events, alongside dose-dependent plasma exposure. A key differentiator cited by Zhong is Sarepta's approach of targeting αvβ6 Integrin rather than the transferrin receptor 1 (TfR1), which the analyst believes accounts for the significantly higher muscle concentration achieved after a single dose compared to rival TfR1-dependent candidates following multiple doses.

SRP-1001 was highlighted as comparing favorably to del-braxanostat (del-brax), the FSHD candidate formerly developed by Avidity Biosciences, which was acquired by Novartis (NVS – NYSE) in a US$12 billion transaction completed in February 2026. SRP-1001 showed approximately 90% reduction in DUX4-related genes versus greater than 50% reported by Avidity when it first disclosed data in June 2024, with comparable creatine kinase reduction of 33% versus 30%. The quarterly dosing regimen being explored for SRP-1001, if confirmed, would also represent an improvement over del-brax's every-six-week schedule. Zhong noted that the FDA confirmed in writing in June 2025 that an accelerated approval pathway is available for del-brax in FSHD, and the analyst believes a similar regulatory route should be accessible for SRP-1001. Avidity's randomized, placebo-controlled Phase 3 FORWARD study in FSHD — targeting approximately 200 patients over 18 months — is underway, with data readout and global regulatory submissions anticipated in 2028.

For SRP-1003 in DM1, Wedbush highlighted a more favorable pharmacokinetic profile relative to competing Phase 3 candidates del-desiran (Avidity/Novartis) and z-basivarsen (Dyne Therapeutics — DYN – Nasdaq), with significantly higher muscle concentration observed. Del-desiran had previously been placed on a partial clinical hold in September 2022 due to a drug-related serious adverse event, though the hold was lifted in October 2024. Avidity completed enrollment in its global Phase 3 HARBOR study in DM1 in July 2025, with top-line data expected in the second quarter of 2026. Dyne reported positive functional improvement data from its Phase 1/2 study and initiated its confirmatory Phase 3 HARMONIA study in early March 2026, targeting approximately 150 patients with a primary endpoint of the five-times sit-to-stand test at week 49.

Wedbush projects SRP-1001 and SRP-1003 to reach the U.S. market in 2031 and 2032, respectively, via accelerated approval pathways, with probability of success estimates of 20% and 10%. The analyst acknowledged the early stage of both programs while characterizing the initial data as "a critical step forward for SRPT's siRNA portfolio to create significant value for the stock."

On the financial front, Sarepta reported full-year 2025 revenues of US$2.20 billion, up from US$1.90 billion in 2024, though the company posted a net loss of US$713.4 million, or US$7.13 per share, for the year. Wedbush projects 2026 revenues of approximately US$1.77 billion and earnings per share of US$3.67, reflecting near-term headwinds before a recovery driven by pipeline contributions in later years. ELEVIDYS, Sarepta's gene therapy for Duchenne muscular dystrophy, generated US$898.7 million in 2025 net product revenue. The stock carries a 52-week range of US$10.42 to US$74.40 and was priced at US$23.77 at the time of publication, implying approximately 47% upside to the revised US$35 price target.

Risks identified include unexpected clinical trial outcomes, regulatory uncertainty, competitive pressures, commercial execution challenges, manufacturing risks, and general financial risks inherent to a commercial and clinical-stage biotechnology company.