Analyst Update: Sarepta Therapeutics Inc, Zynga Inc, and Oclaro, Inc.

Analysts are weighing in on biotech issue Sarepta Therapeutics Inc (NASDAQ:SRPT), mobile gaming stock Zynga Inc (NASDAQ:ZNGA), and network technology specialist Oclaro, Inc. (NASDAQ:OCLR). Here's a quick roundup of today's brokerage notes on SRPT, ZNGA, and OCLR. 

• SRPT is 6.5% higher at $27.18, after Janney raised its fair value target on the stock to $30 from $25. An analyst at the firm also noted today that he expects the company's Duchenne muscular dystrophy treatment could still receive accelerated approval from the Food and Drug Administration (FDA) this month -- after the agency delayed its decision for months -- citing the lack of a Complete Response Letter as a good sign. The shares have been in recovery mode since dropping more than half of their value during a single day in January, and seem to have recently found a foothold above previous resistance at their 320-day moving average. But not everyone is likely to be thrilled with today's rally -- at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Sarepta Therapeutics Inc's 10-day put/call volume ratio of 2.09 ranks in the 94th percentile of its annual range.

• ZNGA is gearing up to report quarterly earnings tomorrow evening, but one analyst at Cowen and Company couldn't wait to chime in with an upgrade to "outperform" from "market perform," as well as a price-target hike to $3.50 from $2.50. Analyst Doug Creutz noted this was the first time Cowen has ever recommended buying the stock, saying, "The breakout success of the recent release of ‘CSR Racing 2,’ plus steady mobile growth driven by the company’s casino franchises, makes shares attractive at current levels." Still, two-thirds of the brokerage firms following Zynga Inc maintain a "hold" or worse rating on the stock, which is up 3.3% at $2.95 -- bringing its year-over-year gains to 18.5% -- after tapping a fresh annual high of $2.98 earlier today.

• OCLR blew past earnings and revenue estimates for its fiscal fourth quarter, leading no fewer than seven brokerages to raise their price targets on the stock. Five analysts set their targets at $8 -- in a range the shares haven't explored since mid-2011. On that note, Oclaro, Inc. is soaring 10.8% to $6.14 today, after touching a five-year high of $6.49. Including today's action, OCLR has swung to the upside in the session following earnings seven of the past eight quarters. But despite that and the fact the shares have roughly tripled in value over the past 12 months, short interest continues to account for more than 28% of the stock's total float -- nearly three weeks' worth of buying power, at OCLR's typical daily pace.