Sarepta (SRPT) on Soars 15.7% on 5th Day Ahead of Clinical Trial Results

We recently published 10 Stocks With Double-Digit Upsides. Sarepta Therapeutics, Inc. (NASDAQ:SRPT) is one of the top performers on Thursday.

Sarepta Therapeutics extended its winning streak to a 5th consecutive day on Thursday, surging 15.68 percent to close at $22.35 apiece as investors repositioned portfolios ahead of the upcoming preliminary results for a drug clinical trial to treat myotonic dystrophy type 1 (DM1).

Earlier this year, Sarepta Therapeutics, Inc. (NASDAQ:SRPT) said that it would announce “in the second half of the year” the preliminary results of the first phase of its clinical trial for SRP-1003 in patients with DM1, alongside other drug clinical trials for various diseases.

The first phase is being sponsored by SRP-1003’s original developer, Arrowhead Pharmaceuticals, which earlier acquired $174 million worth of stake in Sarepta Therapeutics, Inc. (NASDAQ:SRPT) through a privately negotiated block sale.

In addition to the purchase, Sarepta Therapeutics, Inc. (NASDAQ:SRPT) entered into an agreement with Arrowhead under which it will transfer to the latter another 2.66 million shares in satisfaction of a $50 million owed, which forms part of the $100 million milestone payment obligation.

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