Leerink Partners analyst Joseph Schwartz reiterated an Outperform rating and $22.00 price target on Kalvista Pharmaceuticals Inc (NASDAQ: KALV)

The analyst commented, "KalVista (KALV, OP) reported fourth quarter financial results, which were in-line with the preannouncement earlier this year; no guidance was provided (as expected), and we continue to view this as a launch investors should own. Sales of Ekterly (sebetralstat) as an on-demand treatment for hereditary angioedema (HAE) were $35.4M (preannouncement figure was ~$35M) in the fourth quarter, above both our and consensus estimates ahead of the preannouncement ($24.5M and $19.4M, respectively). Following approval in July 2025 (here), Ekterly generated almost $50M in total sales for the year, which places the company on a nice run rate for 2026. Moreover, based on the 1,702 patient start forms (PSFs) through February 2026, we are already seeing quite robust penetration (~20%) into the US market at an early stage. We continue to view this as a launch that investors should own. Moreover, we view the current sub- $1B valuation as relatively undemanding, given this is <2.0x our peak Ekterly sales assumption. Reiterate Outperform on KALV."

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Shares of Kalvista Pharmaceuticals Inc closed at $16.46 yesterday.