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Investing.com - BofA Securities has lowered its price target on KalVista Pharmaceuticals Inc (NASDAQ:KALV) to $36.00 from $37.00 while maintaining a Buy rating following the company’s fiscal first-quarter 2026 results. The stock has shown remarkable momentum this year, with an 81.7% year-to-date return, though according to InvestingPro analysis, it appears slightly overvalued at current levels.
The pharmaceutical company reported 460 patient start forms since the July launch of Ekterly, its first-in-class oral treatment for on-demand hereditary angioedema (HAE). KalVista has seen broad demand across all patient segments, with over 4,000 patients joining the company’s database. InvestingPro data shows the company maintains strong liquidity with a current ratio of 5.35, though it’s currently experiencing rapid cash burn.
The company also disclosed that 253 unique prescribers have been activated, with 38% initiating treatment for multiple patients, indicating strong physician adoption. Management expects this momentum to continue in coming quarters and plans to provide additional metrics as the launch matures.
BofA Securities identified several key factors that will determine the launch trajectory, including conversion rates from QuickStart to paid prescriptions, patient retention, and initial payor coverage decisions. The firm currently models fiscal Ekterly revenues of $5.7 million in Q2 2026, $10.3 million in Q3 2026, and $35.7 million for the full fiscal year 2026.
The slight price target reduction comes as BofA Securities continues to monitor the commercial rollout, with plans to survey key opinion leaders in coming months for additional clarity on uptake expectations and current payor dynamics. Analyst consensus remains highly bullish, with targets ranging from $20 to $40. Get deeper insights into KALV’s financial health and growth prospects with a comprehensive Pro Research Report, available exclusively on InvestingPro, along with 10+ additional ProTips and advanced metrics.
In other recent news, KalVista Pharmaceuticals reported its Q1 FY2026 earnings, highlighting a significant revenue surprise. The company achieved a net revenue of $1.4 million, which notably exceeded the forecast of $951,670. Despite the higher-than-expected loss per share, this revenue performance was a key highlight for investors. The market’s response was positive, as indicated by the premarket trading activity. These developments are part of the latest updates concerning KalVista Pharmaceuticals. The company’s ability to surpass revenue expectations has been a focal point in recent discussions. Analysts and investors alike are paying close attention to these financial results.
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