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Krystal Biotech initiated with a Buy at Clear Street

Clear Street analyst Bill Maughan initiated coverage of Krystal Biotech (KRYS) with a Buy rating and $190 price target Krystal’s first commercial product, Vyjuvek for the treatment of dystrophic epidermolysis bullosa, is now nearly two years into launch and the company is developing and marketing therapies from its herpes simplex virus-platform-derived pipeline of gene therapies, notes the analyst. The post Q1 pullback in the stock was “overdone” and current trading levels reflect “expectations below the likely range of possibilities for the foreseeable future,” says the analyst, who adds that Krystal has several pipeline programs that “would add to the valuation with any success.”

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