BioCryst: Sustained Orladeyo Momentum, Disciplined Financials, and Pipeline Upside Support Buy Rating

Serge Belanger, an analyst from Needham, maintained the Buy rating on BioCryst. The associated price target remains the same with $18.00.

Serge Belanger has given his Buy rating due to a combination of factors related to BioCryst’s solid commercial performance and outlook. He notes that Orladeyo’s fourth-quarter 2025 revenue modestly exceeded both consensus and his own estimates, and full-year 2025 sales came in ahead of company guidance, underscoring strong demand momentum for the drug. While the company’s 2026 Orladeyo growth outlook is more moderate than 2025, the guidance still implies healthy double-digit year-over-year expansion driven by continued patient adds and pricing. Belanger also highlights that total 2026 revenue expectations, including Rapivab, are broadly aligned with or above Street forecasts, which supports confidence in the company’s top-line trajectory.
In addition, Belanger points to disciplined cost management and a solid balance sheet as key support for the Buy rating. BioCryst is guiding to continued non-GAAP profitability in 2026, even after incorporating the higher operating expenses tied to the Astria Therapeutics acquisition, and the company ended 2025 with a substantial cash position. He views the incremental Astria-related spend as temporary and expects it to diminish after completion of the navenibart Phase 3 trial, improving the earnings profile beyond 2027. Finally, Belanger sees upside from the pipeline, including forthcoming proof-of-concept data for BCX17725 in Netherton syndrome and the late-stage navenibart program, which together provide additional long-term growth optionality beyond the current Orladeyo franchise.

In another report released on January 8, RBC Capital also maintained a Buy rating on the stock with a $14.00 price target.