Sarepta Surges After FDA Delays Ruling on DMD Drug
- Stock jumps as investors hope delay increases approval chances
- Analysts caution that competitor drug was rejected after delay
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Sarepta Therapeutics Inc. surged Wednesday after the biotechnology company said U.S. regulators delayed ruling on its drug for a deadly muscle disease, raising hopes that the therapy could be approved.
The Food and Drug Administration notified Sarepta that it won’t complete its review of the drug, known as eteplirsen, by the scheduled May 26 deadline, Sarepta said Wednesday in a statement. The shares gained 18 percent to $21.82 at 10:17 a.m. in New York.