Sarepta: We’ve Seen This Before

Yesterday, the FDA delayed its decision on Sarepta Therapeutics' ( SRPT ) Duchenne muscular dystrophy treatment, a decision that was greeted with delight by the market. In a note released yesterday, SunTrust's Edward Nash and team joined the growing chorus of analysts who don't expect the delay to lead to an approval , citing BioMarin Pharmaceuticals ( BMRN ) experience: