Oppenheimer notes that Kala reported Q2 losses that beat both the firm’s estimate and Street consensus, but reminds investors that the company “is much more of a development story at this time as it remains focussed on the development of KPI-102 for rare ocular diseases.” The firm, which remains “encouraged by the progress” in the CHASE Phase 2b trial with enrollment ongoing in the efficacy cohort, looks forward to the topline results that are now expected in Q1 of 2025 and reiterates an Outperform rating and $15 price target on the shares.
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