May Relypsa (RLYP) Veltassa Figures Point to Continued Uptake - Wedbush

Wedbush analyst Liana Moussatos reiterated an Outperform rating and $51 price target on Relypsa, Inc. (NASDAQ: RLYP) as May Veltassa launch figures point to steady uptake in their view.

In May, 1,385 (+14% MoM) new patients started taking Veltassa with a free starter supply, 1,230 (+33% MoM) outpatient prescriptions were filled, and 277 (-4% MoM) hospital/institution units were sold.

"We are especially encouraged by the continued growth in outpatient prescriptions filled, which we believe is a barometer for reimbursement success," Moussatos said. "The slow but steady uptake in Veltassa is in line with our view and comments we have heard from nephrologists. On our recent KOL call, Dr. Matthew R. Weir M.D., the Director of the Division of Nephrology and Professor of Medicine in Nephrology at University of Maryland, said that he expects the Veltassa launch to steadily grow as physicians become more comfortable with Veltassa as a chronic treatment and prescribing through a specialty pharmacy hub ( please see our June 6th report). He noted that despite the initial hassle of the specialty pharmacy route, he believes that hubs such as Veltassa Konnect are useful to help patients fill prescriptions when insurers push back common with new drug launches. If Veltassa had been launched through a retail route, he believes insurer pushback would likely result in many unfilled prescriptions as there would be no patient assistance."

The next catalyst for RLYP is the release of June Veltassa prescription figures around Mid-July in an 8k.

For an analyst ratings summary and ratings history on Relypsa, Inc. click here. For more ratings news on Relypsa, Inc. click here.

Shares of Relypsa, Inc. closed at $18.14 yesterday.

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