Karyopharm up as analysts boost targets on FDA approval

Karyopharm Therapeutics (NASDAQ:KPTI) is up 3% on its return to regular-session trading after it spiked 36% in Wednesday’s shortened session amid an FDA approval for its selinexor, for treatment of penta-refractory multiple myeloma.

Shares today hit their highest point since mid-November, while analysts responded by raising price targets.

Baird boosted its target to $25 from $15 — implying 173% upside — and modeled $150M peak annual sales for the later-line approval. It says accelerated approval de-risks the market in second-line relapsed multiple myeloma, the more meaningful market.

Meanwhile RBC raised its target to $22 from $16, pointing to the lack of the most serious caution on the label: “The label includes no boxed warning, a win, and while it describes in detail the many AEs (adverse events) associated with Xpovio and the need for monitoring, it provides clear dose- adjustment schemes and guidelines for AE management.”

https://seekingalpha.com/news/3475909-karyopharm-plus-3-percent-analysts-boost-targets-fda-approval