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Investing.com - JMP Securities raised its price target on Kalvista Pharmaceuticals Inc (NASDAQ:KALV) to $27.00 from $19.00 on Tuesday, while maintaining a Market Outperform rating. The stock has shown remarkable momentum, gaining nearly 83% over the past six months and trading near its 52-week high of $15.91. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
The price target increase follows Kalvista’s pricing announcement for its newly approved drug Ekterly, which will cost $16,720 per dose. JMP estimates approximately 22% of attacks will require two doses, suggesting an average cost of about $20,000 per attack. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 10.44, though InvestingPro data indicates rapid cash burn requires monitoring.
JMP now projects peak sales of approximately $740 million ($480 million U.S./$260 million EU) for Ekterly, significantly higher than its previous estimate of $400 million. The firm maintained its market penetration estimates of 45% in the U.S. and 30% in the EU.
The research firm forecasts Ekterly sales of $75 million for fiscal year 2026 and $267 million for fiscal year 2027, compared to current consensus estimates of $32 million and $119 million, respectively.
JMP noted that Firazyr (icatibant) achieved approximately $800 million in sales in 2018 before facing generic competition, and believes the hereditary angioedema (HAE) market has grown since then, potentially benefiting Ekterly as the first oral on-demand therapy.
In other recent news, KalVista Pharmaceuticals announced the FDA approval of Ekterly (sebetralstat), marking it as the first oral on-demand treatment for hereditary angioedema (HAE) attacks. This approval is based on the KONFIDENT phase 3 trial, which highlighted Ekterly’s ability to provide faster symptom relief and reduced attack severity. KalVista has set the wholesale acquisition cost for Ekterly at approximately $16,720 per dose, with plans to launch immediately in the U.S. and begin prescriptions right away. The company has also established KalVista Cares, a patient support program to assist with insurance navigation and access support.
Analysts have responded positively to this development. Leerink Partners raised its price target for KalVista to $20, maintaining an Outperform rating. BofA Securities increased its price target to $37, highlighting Ekterly’s unique position as the only oral on-demand treatment in the HAE market. Stifel reiterated its Buy rating with a price target of $39, expressing optimism about the product launch and market adoption. KalVista anticipates further regulatory decisions in Europe and plans to expand its market presence in Germany, Japan, and the United Kingdom (TADAWUL:4280) in the coming years.
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