Why Sarepta Therapeutics Stock Gained 10.7% in July

Sarepta Therapeutics (NASDAQ: SRPT), a biotech developing novel treatments for rare disorders, saw its shares rise by a healthy 10.7% last month, according to S&P Global Market Intelligence. The primary catalyst behind this noteworthy move northward was the outstanding performance of the company's Duchenne muscular dystrophy (DMD) drug, Exondys 51, during the second-quarter. In short, the drug's Q2 sales came in at a whopping 56% higher than consensus estimates for the three-month period.

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Heading into Sarepta's second-quarter earnings release, there were some lingering doubts about the current state of Exondys 51's commercial launch. Some payers, after all, have publicly stated that they weren't going to cover the drug due to its uncertain efficacy profile and stately $300,000 a year price tag. Obviously, those concerns turned out to be largely overblown based on the drug's exceptional performance during the prior quarter.

Source: Fool.com