Analyst Serge Belanger from Needham maintained a Buy rating on KalVista Pharmaceuticals (KALV – Research Report) and keeping the price target at $28.00.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Serge Belanger has given his Buy rating due to a combination of factors surrounding KalVista Pharmaceuticals’ drug candidate, sebetralstat. Despite the FDA’s delay in meeting the PDUFA target action date for sebetralstat, the delay is attributed to the FDA’s resource constraints rather than any issues with the drug’s safety, efficacy, or approvability. This suggests a positive outlook for the drug’s approval, as the FDA has not requested additional information or raised concerns.
Belanger maintains confidence in the drug’s approvability due to its solid efficacy and favorable safety profile demonstrated in the phase 3 KONFIDENT trial. The delay is seen as a minor operational hiccup rather than a significant setback, and any resulting stock weakness is viewed as a buying opportunity. The analyst’s $28 price target reflects optimism about the drug’s forthcoming approval and the company’s potential market performance.
In another report released on June 12, Bank of America Securities also maintained a Buy rating on the stock with a $22.00 price target.