Kamada: Core Business Resilience and Strategic Expansion Support Buy Rating and $13 Price Target Despite Pipeline Setbacks

In a report released today, Andrew Fein from H.C. Wainwright reiterated a Buy rating on Kamada, with a price target of $13.00.

Andrew Fein has given his Buy rating due to a combination of factors that, in his view, support continued growth and execution at Kamada. He notes that despite the termination of the Phase 3 inhaled AAT trial, management has reaffirmed 2025 revenue guidance and is projecting solid double-digit revenue expansion into 2026, suggesting resilience in the core business. Fein highlights that this growth is expected to be driven by deeper market penetration of Kamada’s existing commercial therapies across both U.S. and international markets, along with the ongoing build-out of the company’s Distribution segment and biosimilar franchise. He also underscores the contribution from Kamada’s Texas plasma centers, which are expected to enhance vertical integration, lower plasma input costs, and create a meaningful new revenue stream from normal source plasma sales once operating at full capacity.
At the same time, Fein points out that Kamada’s outlook already incorporates two major headwinds—the halted AAT program and lower GLASSIA royalties—yet still supports management’s growth targets, which he interprets as a sign of underlying business strength. He views the company’s active M&A strategy and intention to add synergistic commercial assets as additional upside levers that could further diversify revenue and leverage Kamada’s existing infrastructure. With an estimated cash position of around $75 million at year-end 2025, he believes Kamada has sufficient financial flexibility to pursue these initiatives while continuing to execute on its growth plan. Taken together, these operational, strategic, and financial elements underpin Fein’s conviction that the stock remains attractive at current levels, justifying his Buy recommendation and $13 price target.

Fein covers the Healthcare sector, focusing on stocks such as Wave Life Sciences, Prothena, and AC Immune SA. According to TipRanks, Fein has an average return of 32.4% and a 58.82% success rate on recommended stocks.