Sarepta Therapeutics Inc (NASDAQ: SRPT) is off to an incredible start in the pre-market hours this morning, and for good reason. The company reported earnings, missing on earnings per share, but beating on revenue. Also, the company informed investors that the CEO would be stepping down. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:56), SRPT is trading at $36.70 per share after a gain of $1.98 per share (5.70%) thus far today.
SRPT Announces Earnings | CEO Stepping Down
As mentioned above, Sarepta Therapeutics is having an incredibly strong start to the day in the market today after reporting earnings and announcing that the CEO of the company would be stepping down. In terms of earnings, here’s what we saw:
- Earnings Per Share – In terms of earnings per share, SRPT didn’t do all that well. During the quarter, analysts expected that the company would generate a loss of $0.36 per share. However, the loss generated was far wider, coming in at $0.60 per share.
- Revenue – While the company did miss earnings estimates, revenue proved to be positive. During the quarter, analysts expected that SRPT would generate revenue in the amount of $13.86 million. However, the company actually generated revenue in the amount of $16.3 million.
- Guidance – Finally, Sarepta Therapeutics said that it expects to generate $95 million throughout the year 2017, coming in right in line with analyst expectations.
On top of the earnings news, we found out that SRPT CEO Ed Kaye will be stepping down. In the filing, we learned that the plans for the CEO to step down were already in place. While Kaye will still be a director of the company, they are now in search of a new CEO.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SRPT. In particular, we’re interested in following the CEO search and ongoing work with regard to Exondys 51. Also, many speculate that the departure of the CEO opens the door to a takeover, potentially by Sanofi (SNY). Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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