Yes, Sarepta Reported Earnings…But That’s Not Why It’s Flying Today

Sarepta Therapeutics ( SRPT ) reported a larger-than-expected loss but much better sales this morning, which had given its shares a small boost in pre-open trading. Speculation that Sarepta could be taken over, however, have caused its shares to skyrocket. Sarepta reported a loss of 60 cents a share, missing analyst expectations for 60 cents a share , but sales of $16.3 million easily surpassed the Street consensus for $13.9 million. Instinet's Christopher Marai and team call it a "strong quarter" but see "more to come." They explain: