2023-07-13 10:18:09 ET
BioCryst Pharmaceuticals ( NASDAQ: BCRX ) gained ~6% in the morning hours Thursday after Bank of America upgraded the maker of Orladeyo hereditary angioedema (HAE) therapy, citing a recent selloff in company shares.
The analyst Tazeen Ahmad raises his recommendation to Buy from Neutral, noting that the recent decline in BCRX shares "(based on no fundamental change) now presents meaningful upside potential" to his price target of $10.
Ahmad points to management's remarks about a strong commercial rollout for Orladeyo, which became the first and only FDA-approved oral prophylactic therapy for HAE in 2020.
However, the comments about the $1B peak sales opportunity "still need additional validation from sales trends in the coming years," the analyst added, noting potential new entrants from the likes of Intellia Therapeutics ( NTLA ) and Pharvaris N.V. ( PHVS ).
The analyst also opined on the ongoing clinical delay for BioCryst’s ( BCRX ) once-daily oral factor D inhibitor, BCX10013, targeted at paroxysmal nocturnal hemoglobinuria (PNH). At the upcoming Q2 earnings call, the firm will look for updates on the extent of the delay and the company’s plans for the program.
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BioCryst gains as Bank of America upgrades citing recent pullback