UPDATE: Kadmon Holdings (KDMN) PT Raised to $9 at Oppenheimer on Early Approval of Rezurock

(Updated - July 19, 2021 9:22 AM EDT)

Oppenheimer analyst Mark Breidenbach raised the price target on Kadmon Holdings (NASDAQ: KDMN) to $9.00 (from $8.00) after Rezurock (belumosudil) received FDA approval in cGVHD, ~six weeks ahead of its August 30th PDUFA date.

The analyst reiterated an Outperform rating, stating "We discussed Rezurock’s label and pricing with management, and we believe Kadmon is fully prepared to begin promoting Rezurock despite the early approval—thanks in part to a PDUFA date extension earlier this year. Rezurock is the first therapy to gain approval in cGVHD since ibrutinib (2017) and comes ahead of ruxolitinib’s anticipated approval (September 22 PDUFA date). We expect Rezurock could take ≥three months to be added to payer formularies and will take time to gain market share relative to ruxolitinib, which is already widely used offlabel in cGVHD."

You May Also Be Interested In

• Jefferies Upgrades Husqvarna AB (HUSQB:SS) to Buy
• JPMorgan Upgrades STO Express Co Ltd (002468:CH) to Neutral
• Stifel Upgrades LeMaitre Vascular (LMAT) to Buy