Sarepta Price Target Slashed By Piper Jaffray

A Piper Jaffray equity analyst cut his price target on Sarepta Therapeutics Inc. Monday. The price-target cut came after the company said it will delay its new drug application for eteplirsen, a Duchenne Muscular Dystrophy treatment. Analyst Edward Tenthoff dropped his price target 43%, to $21 from $37, while leaving the rating at neutral. Sarepta said that the Food and Drug Administration is now requesting additional data as part of the application, pushing out the filing until the middle of 2015. "We now anticipate the earliest eteplirsen could be approved is 2016," Tenthoff wrote. The stock fell 35% on Monday to $15.31.