Mizuho Maintains Bearish View on Relypsa (RLYP) Despite Q1 Top-Line Beat

Mizuho Securities analyst Irina Koffler reiterated an Underperform rating and $12 price target on Relypsa, Inc. (NASDAQ: RLYP) following results.

"Relypsa reported a 1Q:16 top line beat driven by faster amortization of an upfront payment," Koffler commented. "Expenses also came in below consensus. Nonetheless, we expect the stock to remain weak since consensus estimates on Veltassa should come down further. We reiterate our Underperform rating & $12 PT."

The next potential key catalyst for RLYP is the May 26 PDUFA of AZN's zirconium silicate, according to the analyst. "If this drug is approved, even with an inferior label, we would expect weakness in RLYP," she said. "A CRL, however could be quite positive to the stock."

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 $14.00 yesterday.

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