Goldman Sachs Reiterates Buy Rating on Kiniksa (KNSA)

Goldman Sachs analyst Paul Choi reiterated a Buy rating and $32.00 price target on Kiniksa (NASDAQ: KNSA)

The analyst comments "Preliminary FY24 Arcalyst revenue results deliver a slight beat with FY25 guidance modestly ahead of consensus. Ahead of a major industry conference, KNSA reported preliminary FY24 Arcalyst revenue of $416.4mn, coming in slightly ahead of GS/VA consensus estimates of $406.8mn/$411.2mn respectively and representing a 79% increase vs. FY23. Additionally, KNSA guided 2025 Arcalyst revenue of $560mn-$580mn, which we note is well above GS estimates of $529mn but just modestly above vs. consensus (+2.5% at the midpoint). Overall, we continue to be encouraged by KNSA's commercial execution with Arcalyst and view it as one of the better launches in recent years. That said, we believe consensus estimates are now largely aligned with continued strong commercial performance, which is reflected in the modest guidance beat vs. expectations, and we believe the stock is more likely to be driven by updates to the abiprubart program in Sjögren's disease given the lack of an FDA-approved therapy in the indication. Details within. Maintain Buy and 12-month PT of $32."

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

Shares of Kiniksa closed at $19.93 yesterday.

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