KPTI - Karyopharm Therapeutics: Current Share Price Under-Reflects The Inherent Value

• Recent advancements in readouts for Xpovio and Selinexor have yet to be reflected in market pricing, in our view.
• Karyopharm has had an in line quarter, where Xpovio sales were driven by new prescriber accounts and upward trends in average refill rate.
• Based on the commercial potential for the Xpovio label and Selinexor as a molecule, we see high upside potential and a fair value range of $33-$41 on today's trading.
• There are concentration risks as a single-molecule pipeline, plus downward pressure on shares YTD presenting pricing risks in the near-term, that must be considered.
• Our outlook is bullish on the company, and we believe investors will begin to reward the company as further data is compiled in their segments over the coming year.

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