Guggenheim Starts Calliditas Therapeutics (CALT) at Neutral

Guggenheim analyst Vamil Divan initiates coverage on Calliditas Therapeutics (NASDAQ: CALT) with a Neutral rating and a price target of $18.00.

The analyst comments "We are initiating coverage of Calliditas Therapeutics with a NEUTRAL rating and $18 price target. We are impressed with the data Tarpeyo has generated in IgAN to date and the initial success the company has had with the commercial rollout of the product. We also expect the full data from Part B of the NefIgArd trial (expected by management in mid-March) to show a significant benefit on eGFR and likely lead to potential upside in CALT shares. However, experts we have spoken with have been more mixed on the long-term value that Tarpeyo is bringing to the IgAN market and appear more eager to use endothelin receptor antagonists (ERAs) or more innovative approaches such as APRIL +/- BLyS modulators in their patients over time. We estimate peak US Tarpeyo sales of ~$350M in 2028 before the product is expected to lose market exclusivity in 2029. Positive data from its pipeline asset setanaxib could also provide potential upside to CALT shares, but we await biomarker data in SCCHN to see if the product has potential there before assigning it significant value in our model."

For an analyst ratings summary and ratings history on Calliditas Therapeutics click here. For more ratings news on Calliditas Therapeutics click here.

Shares of Calliditas Therapeutics closed at $18.91 yesterday.

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