KalVista Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Serge Belanger from Needham maintained a Buy rating on the stock and has a $28.00 price target.
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Serge Belanger’s rating is based on the promising early performance of KalVista Pharmaceuticals’ newly launched drug, Ekterly, in the U.S. market. The company reported first-quarter sales of $1.4 million for Ekterly, which significantly exceeded market expectations of $0.7 million. This strong initial sales performance was primarily driven by inventory stocking, indicating robust demand.
Additionally, the QuickStart program has shown positive engagement, with 460 patient start forms submitted by 253 prescribers, many of whom are key opinion leaders. This suggests a strong endorsement from the medical community and potential for these initial starts to convert into paid prescriptions. The solid launch and expected continued demand for Ekterly underpin Belanger’s confidence in the company’s growth prospects, justifying the Buy rating.
Belanger covers the Healthcare sector, focusing on stocks such as KalVista Pharmaceuticals, Verrica Pharmaceuticals, and BioCryst. According to TipRanks, Belanger has an average return of 6.9% and a 48.82% success rate on recommended stocks.
In another report released today, Citizens JMP also maintained a Buy rating on the stock with a $28.00 price target.