Zevra Therapeutics, Inc. (ZVRA) PT Lowered to $22 at Canaccord Genuity

Canaccord Genuity analyst Sumant Kulkarni lowered the price target on Zevra Therapeutics, Inc. (NASDAQ: ZVRA) to $22.00 (from $24.00) while maintaining a Buy rating.

The analyst commented: "We are adjusting our model for ZVRA's recent raise. The company remains well capitalized and now has a cash runway out to 1Q27, which does not include a contribution
from potential post-approval sales of arimoclomol and/or monetization of a PRV. While arimoclomol could be approved soon, for simplicity, we continue to include first commercial sales recognized in the US in 2025E. We are raising our probability of approval from 60% to 90% in the US. For Europe, we now model a 60% probability of approval with a potential launch in 2026E. Our unadjusted US/Europe peak sales in 2035E are $124.1mn/189.3mn, which are substantially similar to our prior model. We are not making any major changes to our Olpruva sales estimates, but will continue to monitor launch trends on a quarterly basis. Intra-quarter visibility on Olpruva remains low as the product is sold via specialty pharmacies, which means prescriptions are not captured accurately by third-party tracking
services such as IQVIA, etc. We continue to include KP1077 for IH/narcolepsy at a 15% probability of approval in each indication with US launches in 2027/28E (unchanged). These changes lead to our DCF-based price target moving from $24 to $22."

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