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Why is Sarepta Therapeutics (SRPT) stock down 20% today?

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Sarepta Therapeutic (NASDAQ:SRPT) the stock is lower on Friday after the company announced an advisory committee meeting with the Food and Drug Administration (FDA).

According to a press release, the company will meet with the FDA by May 29, 2023 to discuss the development of SRP-9001. This is his experimental gene therapy for the treatment of Duchenne muscular dystrophy.

It should be noted that the FDA’s request for an additional meeting is a change from its previous position on SRP-9001. The meeting comes as the company prepares for the SRP-9001 regulatory action date of May 29, 2023.

Doug Ingram, President and CEO of Sarepta Therapeutics, said the following about the advisory committee meeting update:

“While we are disappointed to have to communicate a change in decision after our previous statement on the subject, we are not disappointed with the decision to hold an advisory committee. We had been preparing for an advisory committee meeting since filing the BLA in the fall of 2022. We will be well prepared and look forward to presenting the wealth of evidence supporting the transformative potential of SRP-9001.

Friday stock movement SRPT

Despite the decline in SRPT stocks, the stocks are not heavily traded today. Instead, about 153,000 shares changed hands, compared to its average daily trading volume of 1.2 million shares. Still, SRPT stock is down 19.8% on Friday morning.

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As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.


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