Sarepta falls after it fails to get EU approval

Sarepta Therapeutics fell more than 10% in early trading after its gene therapy Elevidys failed to get approval from European regulators.

The European Medicines Agency recommended against Elevidys for children with Duchenne muscular dystrophy, saying there wasn’t enough proof that it helped patients’ ability to move. This comes after the company was ordered by the US Food and Drug Administration to pull the drug off its shelves after it was linked to two deaths.

Shares are down more than 33% in the past month. Elevidys, which is marketed by Roche outside the US, accounts for half of the company’s revenue.