Shares of beleaguered Sarepta Therapeutics (NASDAQ:SRPT) surged by more than one quarter on Wednesday after reports that a key critic of its muscular dystrophy medication left the US Food and Drug Administration, prompting speculation of imminent FDA approval.
Bloomberg reported in mid-morning trade that an FDA spokesperson confirmed the departure of Ronald Farkas.
Sarepta shares closed up 26.8% at $32.45 on Wednesday, although it gave back 2.2% in after-hours trading to $31.75.
Farkas had led the FDA's review of Sarepta's experimental drug eteplirsen, and had been critical of the potential treatment for people with Duchenne Muscular Dystrophy (DMD), which is a genetic degenerative muscle disease.
Earlier in the session, Sarepta shares had jumped more than 15%. Word spread on Tuesday when investment firm Oppenheimer said in a note that it found Farkas has left the agency and is no longer listed on the U.S. Department of Health and Human Services employee directory.