Needham analyst Serge Belanger maintained a Buy rating on KalVista Pharmaceuticals today and set a price target of $32.00.
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Serge Belanger has given his Buy rating due to a combination of factors tied to KalVista’s lead asset, Ekterly, and the company’s current valuation. He views KalVista as a top idea for 2026, arguing that the market price does not yet fully capture the strength of Ekterly’s early commercial performance or its potential to become the preferred on-demand therapy for hereditary angioedema (HAE). In his assessment, the recent Phase 3 data from a rival drug, deucrictibant, served as a key de-risking event by showing that Ekterly’s efficacy remains competitive, removing a major overhang on the stock.
Belanger also emphasizes that, with this competitive uncertainty largely resolved, KalVista’s share performance should increasingly track the company’s quarterly revenue trajectory and execution on the Ekterly launch. Reflecting his improved confidence and updated financial modeling, he raises his price target to $32 from $28, incorporating higher 2026 sales expectations for Ekterly. This upward revision in forecasts, combined with what he sees as a still-attractive entry valuation, underpins his decision to reaffirm a Buy rating and add KalVista to Needham’s Conviction List.
In another report released on December 22, Jefferies also reiterated a Buy rating on the stock with a $38.00 price target.