Sarepta tumbles after second patient death from gene therapy treatment

Sarepta Therapeutics is down nearly 40% in premarket trading after the company disclosed over the weekend that a second patient receiving its experimental gene therapy died of liver failure.

The company said Sunday that it would halt commercial shipments of Elevidys, a muscular dystrophy gene therapy, for nonambulatory individuals “until enhanced regimen is approved and in place,” while also pausing a clinical trial that may allow for broader use of the treatment in the future. The company reported the first death of a patient on the drug due to acute liver failure in March.

Elevidys, which came out in 2023, is the biggest chunk of Sarepta’s revenue. Last year the drug brought in $820.8 million in revenue, and analysts expected the company to sell $1.5 billion this year.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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