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Morning Commentary: Sarepta convertibles show early gains on strong day for equities
By Abigail W. Adams
Portland, Me., Dec. 21 – While equity markets continued to recover after the latest round of Fed induced selling, activity in the secondary space continued to dwindle with many eager to close the books on 2022.
The Dow Jones industrial average was up 559 points, or 1.71%, the S&P 500 index was up 1.69%, the Nasdaq Composite index was up 1.81% and the Russell 2000 index was up 1.93% shortly before 11 a.m. ET.
There was $64 million in reported volume with no name seeing more than $5 million in trade shortly before 11 a.m. ET.
Sarepta Therapeutics Inc.’s 1.25% convertible notes due 2027 remained one of the year’s outperformers with the notes gaining outright on a strong day for stocks.
The 1.25% notes climbed 1.375 points outright with stock up more than 4%.
The notes were changing hands at 115.5 versus a stock price of $130.09 early in the session.
There was $4 million in reported volume.
Sarepta’s stock was trading at $132.76, an increase of 4.17%, shortly before 11 a.m. ET.
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