Add Back Positions in This Biotech
Source: Chris Temple
November 2, 2023 (Investorideas.com Newswire) Chris Temple of The National Investor shares one stock he believes is currently a Buy, as a gross overreaction caused sell-offs.
Some of you fondly remember Sarepta Therapeutics Inc. (SRPT:NASDAQ), a company I first recommended a quarter of a century ago.
Over the years, several well-timed entries/exits, together with this disruptive biotech's breakthroughs along the way, have cemented SRPT as my all-time most profitable recommendation.
We've been out of this name for a while. But this morning, that changed again.
Shares of the company are plunging ahead of the market open on NEWS that the latest advanced trial for its gene therapy drug to treat M.D. - Elevidys - did not meet the best expectations the company and its partner Roche (which is sharing the costs) had, but had "mixed results."
Scouring the several stories on this in the early morning hours - and knowing what I do about the company - I am convinced that 1. This latest obstacle, not uncommon among biotechs, will be overcome, and 2. The selloff this morning is a GROSS overreaction.
So Sarepta is added back to my list of growth-oriented stocks as a "BUY" up to the mid-upper 60's area; an Accumulate up to $75/share.
The selling overnight/this morning has very clearly targeted a key chart point/support of recent years in that 60-ish / share area.
I suspect once this is behind us, the share price will most likely have stabilized around this area, especially as early knee-jerk sellers realize that this is an overreaction.
I'll have more thoughts in the coming days.
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