CMS Adds Veltassa to CY16 Formulary Reference File; H.C. Wainwright Affirms Relypsa (RLYP) at 'Buy'
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H.C. Wainwright affirmed Relypsa, Inc. (Nasdaq: RLYP) with a Buy rating and $63 price target after the Centers for Medicare & Medicaid Service added Veltassa to its calendar year 2016 Formulary Reference File on Thursday.
Analyst Ed Arce noted that the current FRF includes all three dosage strength of Veltassa listed on the label (8.4, 16.8, and 25.5 gram patiromer packets). The analyst views the decision by CMS as both positive and early, with initail expectations calling for a March decision. The decision will allow for reimbursement to Medicare Part D prescription drug plans (PDPs) that adopt Veltassa on formulary.
Arce said that, according to the Kaiser Family Foundation, there are 886 PDPs available in CY16 and Relypsa sees about 60 percent of the 3 million-plus Veltassa-eligable patient population being covered by Medicare.
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