Sarepta Therapeutics Inc SRPT 1.46% shares are up more than 23 percent on Tuesday after the company reported positive numbers on recently-approved Duchenne muscular dystrophy (DMD) drug Exondys 51 at the JPMorgan Healthcare Conference.

The company reported that Exondys 51 saw sales of $5.4 million in Q4 compared to consensus estimates of $4.9 million.

While shareholders cheer the big market move, Baird believes the stock is just getting started.

“Sarepta has dystrophin data coming from SRP-4053 in exon-53-amenable patients in 1H17 and data plans to advance at least three additional assets, two of which were announced today,” the firm notes.

Baird is bullish on the animal data Sarepta presented and predicts that the company can expand its lead in the DMD market if it can replicate the results in human trials.

In addition, the firm notes that the company’s new partnerships with Nationwide Children’s Hospital represent Sarepta’s first venture into the gene therapy market.

The company also reported…

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