Baird has increased its 12-month price target for Sarepta Therapeutics to $22.00 from $15.00 while leaving its rating on the stock at Neutral. The move follows publication of three-year results from the open-label extension of the EMBARK study, which the firm says demonstrated durable clinical benefit for Sarepta’s gene therapy, Elevidys.
Sarepta shares were reported trading at $22.58 at the time of the update. The stock has experienced significant volatility over the past year, falling 81.86% year-over-year, but has staged a 77.12% rebound during the last six months.
Baird characterized the EMBARK open-label-extension data as showing an "encouraging, substantially growing separation from propensity-matched external controls, making a compelling case for a real drug effect," and noted there were no unexpected safety signals in the data set. That assessment, together with Sarepta’s decision to double the size of its Elevidys sales force, led Baird to conclude the company is positioned to support broader adoption of the therapy through 2026.
Despite the more constructive view on Elevidys uptake and the higher price target, Baird maintained a Neutral stance on the stock, leaving open questions about how these clinical and commercial developments ultimately translate into sustained revenue and valuation outcomes.
Key clinical takeaways from EMBARK three-year results
- The three-year data showed durable effects for Elevidys in treated patients, including maintenance of above-baseline North Star Ambulatory Assessment scores.
- Patients treated with Elevidys demonstrated a reported 73% slowing of disease progression in key motor function measures versus comparators.
- Sarepta planned to present the three-year topline results in a webcast and conference call on January 26, 2026.
Market and analyst context
Other analysts have reacted with more caution. RBC Capital retained a Sector Perform rating for Sarepta and highlighted concerns that the initial patient backlog has largely been addressed, which could moderate near-term growth in utilization. RBC noted that future uptake may rely predominantly on newly diagnosed patients rather than conversion of a large untreated pool.
These differing viewpoints underscore an active debate among investors and analysts about the commercial trajectory for ELEVIDYS even in the presence of statistically significant and durable clinical outcomes.
Summary and implications
Baird’s price target adjustment reflects an improved clinical read on Elevidys and confidence that an expanded sales organization can accelerate adoption through 2026. However, maintenance of a Neutral rating and RBC’s continued Sector Perform stance reveal persistent questions about the pace of future utilization and the translation of positive trial data into sustained growth. Investors remain focused on the upcoming detailed presentation of EMBARK Phase 3 topline data, which will provide additional clarity on the therapy’s long-term performance in young ambulatory patients.