UPDATE: Morgan Stanley Starts Karyopharm Therapeutics (KPTI) at Overweight Using Xpovio as a Primary Catalyst
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(updated to add analyst comments)
Morgan Stanley analyst David Lebowitz initiates coverage on Karyopharm Therapeutics (NASDAQ: KPTI) with an Overweight rating and a price target of $34.00, citing Xpovio as a means to transcend into multiple melanoma and DLBCL treatment.
The analyst stated "Karyopharm is the developer of Xpovio (selinexor),a first-in-class SINE compound that targets XPO1. Xpovio has emerged as a multi-faceted therapeutic that could have utility for treating multiple types of tumors. Xpovio is already approved for late line use for the treatment of both multiple myeloma and diffuse large B-cell lymphoma (DLBCL). While this is positive, it is the recent data from the PhIII BOSTON trial which should facilitate earlier line usage for multiple myeloma. Given the strength of this data, we believe Karyopharm offers an attractive opportunity to pair Xpovio with a successful earlier line treatment such as Velcade,. This should allow Karyopharm to take share in the crowded multiple myeloma market, boosting their top line growth. Overall, we project 2020E revenue of $122M, growing to $852M by 2027E. We reach our PT of $34 by utilizing a DCF with a 10% discount rate and a terminal growth value of 0%."
Shares of Karyopharm Therapeutics closed at $18.94 yesterday.
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