Piper Jaffray analyst Tyler Van Buren reiterates an Overweight rating on BioCryst Pharmaceuticals with a $15 price target after hosting a call with an expert in hereditary angioedema. A focus of the discussion was on BioCryst’s oral capsule and liquid formulations of BCX7353, a plasma kallikrein inhibitor, Van Buren tells investors in a research note. The expert was “quite optimistic” on the Phase III APeX-2 trial reading out later this quarter, and believes that roughly half of all HAE patients would be candidates if a ~50% reduction in attacks is observed with good tolerability, adds the analyst. This suggests “significant” peak sales potential based on a market that is currently $2B-plus and heading towards $3B, says Van Buren. Since CSL and Shire (SHPG) have essentially had a duopoly for years, the expert also believes payors will be very receptive to a less expensive oral option, according to the analyst.
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