Sarepta slides further after it reverses course and says it will stop shipments of gene therapy

Sarepta Therapeutics announced Monday evening that it would stop shipments of its gene treatment per a request from the US Food and Drug Administration, a reversal from its earlier stance of doubling down on continuing to sell the drug, which sent shares tumbling.

The company said it would “voluntarily and temporarily pause all shipments” of Elevidys in the US starting Tuesday. The drug, which treats muscular dystrophy, has been linked to at leasts two deaths from liver failure.

Sarepta, which slipped Monday during normal trading hours after it said it wouldn’t stop selling Elevidys, fell another 8% in after-hours trading on the announcement reversing that stance. The stock is down 30% since June 18, when it was first reported that the FDA requested the company to stop selling the drug — which accounts for half of its revenue — in the US.