Sarepta (SRPT) Jumps Nearly 20% on Corporate Restructuring

We recently published Wall Street Shockers: 10 Stocks on Sky High. Sarepta Therapeutics, Inc. (NASDAQ:SRPT) is one of the top-performing companies on Thursday.

Sarepta Therapeutics saw its share prices rise by 19.53 percent on Thursday to close at $21.97 apiece following announcements that it would shift its focus to high-impact programs as part of a corporate restructuring plan ultimately aimed at meeting financial obligations due in the next two years.

In a statement, Sarepta Therapeutics, Inc. (NASDAQ:SRPT) said it was targeting $400 million in cost-saving measures annually through reducing operating expenses and laying off 500 jobs, or 36 percent of its workforce.

The restructuring followed concerns on its Elevidys drug after the death of two patients from acute liver failure tied to taking the treatment. The incident triggered an investigation by the Food and Drug Administration (FDA) last month, with the watchdog noting that it was evaluating the need for further regulatory actions.

According to Sarepta Therapeutics, Inc. (NASDAQ:SRPT), preliminary financial results of its second quarter performance saw Elevidys raking in $282 million in revenues.

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Disclosure: None. This article is originally published at Insider Monkey.