Geoff Meacham, an analyst from Bank of America Securities, reiterated the Buy rating on Kiniksa Pharmaceuticals (KNSA – Research Report). The associated price target is $28.00.
Geoff Meacham’s Buy rating for Kiniksa Pharmaceuticals is attributed to a variety of factors. The company demonstrated solid third-quarter results with robust commercial execution for Arcalyst, which showed a 94% year-over-year growth. Meacham believes that the impressive growth illustrates the unique product profile of Arcalyst and the success of Kiniksa’s recent investment in its salesforce. The unmet need in Arcalyst’s target recurrent pericarditis population, combined with strong persistency rates for current patients, are seen as factors that will continue to drive adoption.
Kiniksa also stands out from its Small and Midsize Enterprises (SMEs) biotech peers. The risk/reward profile of the company remains appealing despite the challenging macro environment. Meacham commends Kiniksa’s proven ability to reinvest in the business while providing options for its earlier pipeline and maintaining strategic appeal due to the growth of Arcalyst and a path to profitability. Moreover, the company’s commercial progress rather than pipeline progression is seen as a key value driver. Finally, the anticipation of phase 2 results for KPL-404 in rheumatoid arthritis in the first half of 2024, and Kiniksa’s continued pursuit of collaborative study agreements for mavrilimumab in rare cardiovascular diseases, further reinforce the Buy rating.
According to TipRanks, Meacham is a 4-star analyst with an average return of 2.5% and a 49.07% success rate. Meacham covers the Healthcare sector, focusing on stocks such as Gilead Sciences, Bristol-Myers Squibb, and Eli Lilly & Co.
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Kiniksa Pharmaceuticals (KNSA) Company Description:
Kiniksa Pharmaceuticals Ltd. is a biopharmaceutical company, which engages in discovering, acquiring, developing, and commercializing therapeutic medicines for patients suffering from debilitating diseases with significant unmet medical need. Its products include Rilonacept, Mavrilimumab, KPL-716, KPL-045, and KPL-404. The company was founded by Sanj K. Patel, Stephen Frank Mahoney, Krisha S. Mahoney, Thomas W. Beetham, Christopher Heberlig, Carsten Boess, Rasmus Holm-Jorgensen, Gregory Alex Grabowksi, Aaron Isadore Young, Eben P. Tessari, Jennifer Lynne Mason, and Mickenzie Elizabeth Gallagher in July 2015 and is headquartered in Hamilton, Bermuda.
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