CalciMedica oversold on KOURAGE news, says Oppenheimer

After CalciMedica (CALC) announced the discontinuation of its Phase 2 KOURAGE clinical trial evaluating Auxora in patients with Stage 2 or Stage 3 acute kidney injury, Oppenheimer caught up with management, who said the safety concern identified by the independent committee’s review of unblinded data “appears to stem not from the drug itself, but from aspects of this particular trial.” The firm, which sees the stock as oversold on today’s news and “significantly undervalued here,” says even if one removes any revenue potential in AKI from projections, Auxora’s derisked $200M opportunity in AP alone supports a favorable outlook. The firm has an Outperform rating on CalciMedica shares.