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Investing.com - JMP Securities has reiterated its Market Outperform rating and $27.00 price target on Kalvista Pharmaceuticals Inc (NASDAQ:KALV), currently trading at $15.17, following UK approval of the company’s HAE treatment. The target aligns with the broader analyst consensus, with price targets ranging from $20 to $40, according to InvestingPro data.
The approval of Ekterly (sebetralstat) in the UK represents a significant milestone for Kalvista, with European Union approval expected later this year. The drug previously received a positive scientific opinion from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) for the Early Access to Medicines Scheme. The company maintains a strong financial position with a healthy current ratio of 5.35 and more cash than debt on its balance sheet, though InvestingPro analysis indicates rapid cash burn requires monitoring.
Ekterly will remain available through the EAMS until the National Institute for Health and Care Excellence (NICE) makes a decision regarding its use under the National Health Service, expected in the first half of 2026. The European Medicines Agency validated Kalvista’s Marketing Authorization Application in August, with the first ex-U.S. launch planned for Germany in the second half of 2025.
JMP estimates there are approximately 15,000 hereditary angioedema (HAE) patients in the European Union, which would substantially expand the addressable market for Ekterly. In Japan, where Kalvista has granted commercial rights to Kaken Pharmaceutical (TADAWUL:2070), approval is expected in the first half of 2026.
JMP models peak sales of $740 million ($480 million U.S./$260 million EU) for sebetralstat, citing the potential to grow the HAE on-demand treatment market and comparing it to Firazyr’s approximately $800 million in sales in 2018 before genericization. The stock has shown remarkable momentum, gaining nearly 84% over the past six months. InvestingPro’s Fair Value analysis suggests the stock may be trading above its intrinsic value, with 11 additional exclusive insights available to subscribers.
In other recent news, KalVista Pharmaceuticals announced that the UK’s Medicines and Healthcare products Regulatory Agency has granted marketing authorization for EKTERLY, the first oral treatment for hereditary angioedema (HAE) attacks in patients aged 12 years and older. This follows its earlier FDA approval in the U.S., where EKTERLY is now available as an on-demand treatment for HAE. The drug is priced at $16,720 per dose in the U.S., with packages designed to cover two HAE attacks. Analysts from H.C. Wainwright and Leerink Partners have maintained favorable ratings on KalVista, citing the lack of contraindications and the potential for EKTERLY to treat a broad range of HAE patients. JMP Securities raised its price target for KalVista to $27.00, projecting peak sales of $740 million for EKTERLY. The company is also preparing for international launches, with expected market entries in Germany, Japan, and the UK next year. KalVista has established commercialization agreements with Kaken Pharmaceutical in Japan and Pendopharm in Canada. The company has also implemented patient support programs in the U.S. as part of its commercial strategy.
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