Goldman Sachs Starts Krystal Biotech (KRYS) at Buy

Goldman Sachs analyst Andrea Tan initiates coverage on Krystal Biotech (NASDAQ: KRYS) with a Buy rating and a price target of $160.00.

The analyst comments "We initiate coverage on Krystal Biotech (KRYS) with a Buy rating and 12-month price target of $160. KRYS is a commercial stage biotechnology company currently launching Vyjuvek (redosable topical gene therapy delivering COL7A1 transgene) as the first approved therapy for dystrophic epidermolysis bullosa (DEB; ultra-rare genetic disease characterized by fragile skin and chronic wounds). With a first-in-class and best-in-class profile, we are positive on Vyjuvek's near- and long-term potential (GSe peak global sales of $1.6bn), noting encouraging early launch metrics (284 patient start forms to date across both recessive and dominant patients, representing strong demand and >20% penetration into the identified population; improving payor coverage with >70% of patients eligible for reimbursement and a permanent J-code expected Jan 1, 2024; site of care flexibility with at-home dosing preferred by nearly 90% of patients leading to 96% compliance with weekly dosing) and KOL diligence supportive of extensive utilization (potentially beyond the 1 vial/week labeled use) across all eligible patients. Separately, we see the Skin TARgeted Delivery platform (STAR-D) as leverageable to other indications including in dermatology (ARCI and Netherton syndrome), respiratory (CF and AAT), aesthetics (lateral canthal lines) and oncology, none of which are in our model and thus represent potential upside."

For an analyst ratings summary and ratings history on Krystal Biotech click here. For more ratings news on Krystal Biotech click here.

Shares of Krystal Biotech closed at $104.16 yesterday.

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