KPTI - Karyopharm cut to underweight at JP Morgan citing prospects of XPOVIO

Karyopharm Therapeutics (KPTI -8.0%) lost more than 20% on Thursday, the most since February 2019 after the company’s Q2 2021 revenue lagged analyst expectations. Driven by the lead compound XPOVIO (selinexor), the product revenue rose ~8.5% YoY to $20.2M compared to ~$18.6M in Q2 2020. Commenting on the results, J.P. Morgan analyst Eric Joseph observes the challenge faced by the company to capitalize on the growth opportunity enabled by the label expansion approved early this year. Attributing the underperformance to the product, the analyst downgrades the stock to underweight from overweight citing a lack of opportunities for additional uptake over the mid-to-long term. In Q1 2021, Karyopharm (NASDAQ:KPTI) grew its product revenue by ~35.3% YoY to $21.7M.

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Karyopharm cut to underweight at JP Morgan citing prospects of XPOVIO