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Sarepta: Staying Long and Strong

NEW YORK ( TheStreet) -- It's been a little over a week since Sarepta Therapeutics ( SRPT) announced the FDA asked for more information before deciding on whether or not to allow the company to seek accelerated approval for eteplirsen in Duchenne muscular dystrophy (DMD). This makes the coming "file or no file" announcement almost akin to an approval decision by FDA. While I had originally assumed the FDA would allow Sarepta to file eteplirsen and then take a good, hard look at all the data, it now appears the FDA wants to make sure the first drug to take advantage of new accelerated approval provisions not be a bust. If the agency allows Sarepta to file early it means approval is almost guaranteed. The Street is beginning to realize that eteplirsen's accelerated approval filing, if it happens, is akin to an approval. For Sarepta's stock, this should result in a massive reaction in one direction or the other as soon as the company discloses its eteplirsen filing plans this summer. Which brings me to my next point: Short interest in Sarepta has been...