Last week, Baird noted that DEMAND-III results for drisapersen would "have important implications for Sarepta (SRPT) as complete failure or overwhelming success would be a hard blow to the bull thesis." It appears the Phase 3 results out today may have dealt such a blow.
Questions going forward: How valid are exon skipping drugs? Will the size of GSK's trial (186 boys) raise more questions about SRPT's data given the smaller size?
Look for sell-side to defend RNA, but for now, the shares are simply pricing in an end game: -76% premarket.