Strong Ekterly Launch and Latin America Expansion Underscore Buy Rating on KalVista

Analyst Debanjana Chatterjee of JonesTrading reiterated a Buy rating on KalVista Pharmaceuticals, retaining the price target of $37.00.

Debanjana Chatterjee has given his Buy rating due to a combination of factors tied to the stronger-than-expected launch of Ekterly. Preliminary, unaudited global sales for the drug in the fourth quarter and full fiscal year 2025 exceeded consensus estimates, indicating robust early demand despite prior concerns about potential holiday-related weakness. Prescription activity appears to have been driven meaningfully by refills rather than only new prescriptions, suggesting that patients are returning to the therapy and that underlying use is becoming more durable. In addition, the number of start forms submitted through December implies that Ekterly has already penetrated a notable portion of the U.S. hereditary angioedema population, slightly outperforming expectations derived from prior physician surveys.

Chatterjee also points to the strategic expansion of KalVista’s commercial footprint as a further support for the Buy rating. The company’s recently announced partnership with Multicare Pharmaceuticals grants KalVista access to key Latin American markets, where Multicare will oversee regulatory processes and distribution in major countries such as Brazil, Argentina, Colombia, and Mexico. This arrangement is expected to broaden Ekterly’s international reach and create an additional growth avenue beyond the U.S. market. Looking ahead, anticipated improvements in formulary coverage in 2026 should reduce access barriers and help drive a further step-up in revenue, reinforcing the view that KalVista’s current valuation does not fully reflect its growth prospects.

In another report released yesterday, Needham also maintained a Buy rating on the stock with a $35.00 price target.