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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), citing the underappreciated potential of the on-demand hereditary angioedema (HAE) market. The stock, currently trading near its 52-week high of $16.32, has shown remarkable momentum with a 90.24% return over the past six months. According to InvestingPro data, analyst targets range from $20 to $40, suggesting significant upside potential.
The firm notes that despite the introduction of new long-term prophylactic drugs, the on-demand HAE market has stabilized at over $600 million in annual sales following Firazyr’s peak of $800 million in 2018 before genericization. With a market capitalization of $785.74 million and strong financial health indicators, InvestingPro analysis shows Kalvista maintains more cash than debt on its balance sheet, positioning it well for market expansion.
JMP highlights that Kalvista’s recently approved oral medication Ekterly represents a significant advancement over injectable alternatives, potentially addressing the current undertreatment of HAE attacks due to the inconvenience of existing options.
According to JMP’s survey, more than 60% of patients now indicate Ekterly will be their treatment of choice, up from 48% in January, suggesting the drug could capture a larger market share than the 45% peak penetration currently modeled by the firm.
With Ekterly priced at $16,720 per dose (up to $33,000 per attack), JMP forecasts peak sales of $740 million globally ($480 million U.S./$260 million EU) and suggests early launch performance could exceed expectations as the market expands through both increased treatment rates and higher average prices.
In other recent news, Kalvista Pharmaceuticals has received UK approval for its hereditary angioedema (HAE) treatment, Ekterly, marking a significant milestone for the company. The drug, which is the first and only oral on-demand treatment for HAE in the UK, has also been approved by the U.S. FDA and is awaiting decisions from the European Union and Japan. JMP Securities reiterated its Market Outperform rating on Kalvista, citing the potential expansion of the HAE treatment market and projecting peak sales of $740 million. Meanwhile, H.C. Wainwright maintained its Buy rating, highlighting Ekterly’s favorable label, which includes no listed contraindications and approval for a higher dosage. Leerink Partners also reiterated an Outperform rating following Kalvista’s fiscal fourth-quarter results, as the U.S. launch of Ekterly is underway. The drug’s wholesale acquisition cost is set at $16,720 per dose, with Leerink projecting U.S. sales of $34 million for fiscal year 2026. Kalvista has entered commercialization agreements for international markets, with launches expected in Germany, Japan, and the UK. JMP Securities increased its price target for Kalvista to $27, reflecting the higher projected sales for Ekterly.
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