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Morning Commentary: Sarepta convertible notes in focus as stock plunges in early trading
By Abigail W. Adams
Portland, Me., March 17 – It was a quiet morning in the convertibles secondary space with credit and equity markets volatile after a tumultuous week.
Few names were on the tape as triple witching day coincided with continued uncertainty in the banking sector.
While equity markets were mixed early in the session, selling took hold as the session progressed with indexes falling deep into negative territory.
The Dow Jones industrial average was down 134 points, or 1.16%, the S&P 500 index was down 0.99%, the Nasdaq Composite index was down 0.72% and the Russell 2000 index was down 2.46% shortly after 11 a.m. ET.
There was $50 million in reported volume about one hour into the session with few names seeing concentrated trading activity.
Sarepta Therapeutics Inc.’s 1.25% convertible notes due 2027 were in focus early in the session as stock plunged with Food and Drug Administration approval for a product in its pipeline in doubt.
The 1.25% convertibles sank 16 points outright with stock down 20%.
The notes were changing hands at 110 versus a stock price of $120.05 early in the session.
There was $5 million in reported volume with the notes the most actively traded issue early in the session.
Sarepta’s stock was seen at $120.04, a decrease of 19.8%, in intraday trading.
Stock sank after the company announced the FDA was consulting with an advisory committee to evaluate the company’s treatment for Duchenne muscular dystrophy.
The announcement came shortly after the company stated the FDA would not hold an advisory committee meeting on the treatment as part of its approval process.
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