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Investing.com - JMP Securities has raised its price target on Kalvista Pharmaceuticals Inc (NASDAQ:KALV) to $28.00 from $27.00 while maintaining a Market Outperform rating, citing strong early demand for the company’s Ekterly treatment. The stock, currently trading at $14.81, has delivered an impressive 74.85% return year-to-date, according to InvestingPro data.
The firm noted that Ekterly has generated 460 start forms in the first eight weeks of launch, covering approximately 4% of the diagnosed U.S. hereditary angioedema (HAE) population. First quarter fiscal 2025 revenue of approximately $1.4 million primarily came from stocking orders. With a strong current ratio of 5.35, the company maintains solid liquidity to support its commercial launch.
JMP highlighted that each start form provides patients with two free boxes of Ekterly, with each box containing two doses, representing about $31 million in potential revenue. The firm noted that some patients are already receiving paid access and refills.
Kalvista is changing its fiscal year end from April 30 to December 31, which will affect upcoming financial reporting. JMP projects $7.5 million in revenue for the quarter ending September 30 and $26 million for 2025.
The firm’s recent survey indicated approximately 60% of HAE patients will choose Ekterly as their on-demand medication, supporting JMP’s bullish outlook despite potential early launch volatility. While analyst targets range from $20 to $40, InvestingPro analysis suggests the stock is currently trading above its Fair Value. Discover more insights and 10+ additional ProTips with an InvestingPro subscription.
In other recent news, KalVista Pharmaceuticals reported its first-quarter fiscal year 2026 earnings, revealing a significant revenue surprise. The company posted net revenue of $1.4 million, surpassing the forecast of $951,670. Despite a higher-than-expected loss per share, the earnings report was well-received. Additionally, KalVista has seen strong demand following the July launch of Ekterly, its oral treatment for hereditary angioedema, with 460 patient start forms submitted and over 4,000 patients added to their database. In a related development, BofA Securities adjusted its price target for KalVista to $36 from $37, maintaining a Buy rating. This adjustment followed the company’s fiscal first-quarter results. These developments highlight significant recent activities for KalVista Pharmaceuticals.
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