KalVista initiated with a Buy at BofA

BofA initiated coverage of KalVista (KALV) with a Buy rating and $22 price target The company is developing sebetralstat as the potential first oral, on-demand treatment for hereditary angioedema, notes the analyst, who says a successfully completed a Phase 3 trial in February showed efficacy similar to approved injectables, but with a more convenient oral dosing profile. The firm assigns 75% odds of success for a U.S. launch and estimates peak risk-adjusted sales of $604M in 2035 for sebetralstat, the analyst noted.