Analyst Joseph Pantginis of H.C. Wainwright reiterated a Buy rating on Krystal Biotech, retaining the price target of $240.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors surrounding Krystal Biotech’s innovative approach and promising market potential. The company has initiated a Phase 1/2 clinical trial for KB801, a gene therapy eye drop designed to treat neurotrophic keratitis (NK), a rare degenerative corneal disease. This therapy utilizes Krystal’s novel HSV-1-based vector to deliver transgenes that promote local nerve growth factor production, potentially improving treatment outcomes compared to existing therapies.
KB801 is backed by strong preclinical data demonstrating successful transduction of corneal cells, which suggests it could reduce treatment burdens and maintain consistent therapeutic levels. Despite NK being classified as a rare disease, the market opportunity is significant, with increasing awareness and diagnosis rates. Additionally, the safety and efficacy of the HSV-1 vector have been previously demonstrated, reducing the risk associated with this new therapy. These factors collectively position KB801 as a promising treatment option and highlight the versatility of Krystal’s gene delivery platform, supporting Pantginis’s positive outlook on the stock.
In another report released on June 30, Clear Street also initiated coverage with a Buy rating on the stock with a $190.00 price target.