Citizens JMP Reiterates Market Outperform Rating on Kalvista Pharmaceuticals Inc (KALV)

Citizens JMP analyst Jonathan Wolleben reiterated a Market Outperform rating and $19.00 price target on Kalvista Pharmaceuticals Inc (NASDAQ: KALV).

The analyst commented, “Sebetralstat is poised for launch upon approval (June 17 PDUFA; 90% POS) and management has laid out a thoughtful plan for the first oral on-demand therapy that addresses the key hurdles that keep patients from treating all of their attacks today: wanting to wait until an attack is severe enough (could also be a function of the onerous injectable options) and that they prefer to treat at home. Our recent allergist survey showed the majority HAE patients would treat more attacks with an oral on-demand drug and this dynamic, coupled with branded pricing — KALV expecting to price in-line with current injectables ($11K-$16K per treated attack vs. Citizens' estimate of $11K) is expected to grow the U.S. on-demand market from $650M to $1.2B. KALV reported ~84K U.S. on-demand doses, which has remained steady (some attacks require multiple doses), while we model ~50K treated HAE attacks today growing to ~70K in 2031 with sebetralstat’s approval. We model U.S peak sales of ~$250M and think the early launch could surprise to the upside given the potential for premium pricing and rapid adoption similar to the paradigm we saw for the first oral launch in the prophylactic setting. We model FY26, FY27, and FY28 revenue of $38M/$159M/$299M vs. consensus of $46M/$149M/$267M. If we assume a $16K/attack price, which is within the range payers expect, our estimates move to $56M/$231M/ $436M.”

For an analyst ratings summary and ratings history on Kalvista Pharmaceuticals Inc click here. For more ratings news on Kalvista Pharmaceuticals Inc click here.

Shares of Kalvista Pharmaceuticals Inc closed at $12.50 yesterday.

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