Stifel analyst Derek Archila initiated coverage of Principia Biopharma with a Buy rating and $45 price target. The analyst is “bullish” on the shares ahead of a “catalyst rich” Q4. The company’s lead asset PRN1008, a BTK inhibitor, should become “further de-risked” in two beachhead autoimmune/inflammatory conditions, pemphigus vulgaris and immune thrombocytopenia purpura, in Q4, Archila tells investors in a research note. The analyst thinks the Street does not fully appreciate the nuances of PRN1008’s molecular design, which he believes will allow for improved safety and efficacy in autoimmune/inflammatory conditions.
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