Mizuho initiated coverage of Kala Pharmaceuticals (KALA) with an Outperform rating and $30 price target which provides over 100% upside. The firm says Kala has a significant near-term catalyst with the Phase 2 data for its lead asset KPI-012 in persistent corneal epithelial defect expected by the end of September. Mizuho assumes a 30% probability of success with success in Phase 2 being 50% separation from placebo on the primary efficacy endpoint. It sees stock upside of over 300% on a “home-run outcome.” The firm views the stock’s risk/reward as highly attractive into the readout.
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