Kiniksa (KNSA) PT Raised to $37 at BofA Securities After the FDA Approved Rilonacept
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BofA Securities analyst Geoff Meacham raised the price target on Kiniksa (NASDAQ: KNSA) to $37.00 (from $35.00) after the FDA approved the company’s first asset, rilonacept, for recurrent pericarditis but the market showed little reaction to the news. The approval had likely been widely expected given the extraordinarily robust data (phase 3 RHAPSODY: HR of 0.04, p<0.0001, i.e., a 96% risk reduction) and its well-established efficacy/safety profile (as Regeneron’s Arcalyst for CAPS). The analyst had been estimating LOS of approval at 95%. That said, a review of the updated label reveals shows the indication extended to include treatment of recurrent pericarditis and reduction in risk of recurrence in adults and children 12+.
The analyst maintained a Buy rating, stating "today’s news represents a landmark in Kiniksa’s evolution into a commercial stage company, with investor focus set to pivot to the near-term upside. At an Analyst Day last year, Kiniksa unveiled a comprehensive commercial strategy, including its launch preparations, and we note the opening of a Patient Registry (RESONANCE) earlier this month. Much of the initial outreach will focus on key stakeholders as a means of building support, a strategy which has worked well in other rare indications that require high-touch points."
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