KalVista Pharmaceuticals (KALV – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Jonathan Wolleben from JMP Securities reiterated a Buy rating on the stock and has a $19.00 price target.
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Jonathan Wolleben has given his Buy rating due to a combination of factors surrounding KalVista Pharmaceuticals. A key reason is the high likelihood of approval for Ekterly by its PDUFA date in June, with a 90% probability of success. This optimism is bolstered by positive feedback from the recent AAAAI meeting, where it was noted that early treatment of HAE attacks leads to better patient outcomes, and Ekterly, as an oral treatment, could significantly change the treatment landscape.
Furthermore, KalVista’s financial position is strong, with $253 million in cash, providing a sufficient runway through the early launch phase. The company has also fully onboarded its field sales team, which is crucial for a successful launch. Ekterly is expected to address a $900 million annual market opportunity, and while sales are conservatively modeled at $400 million at peak, the potential for higher pricing exists. These factors, combined with the paradigm-shifting nature of Ekterly as the first oral treatment for HAE, underpin Wolleben’s Buy rating.