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Krystal Biotech Stock (NASDAQ:KRYS) skyrocketed yesterday following an announcement on the companies Phase 3 trial data. Krystal Biotech was able to meet its primary and secondary endpoints in its latest trial targeting dystrophic Epidermolysis Bullosa (dystrophic EB). The companies topical gene therapy, Vyjuvek was able to demonstrate significant results in durable wound healing for patients with Dystrophic EB compared to placebo.
The positive topline data is a big deal, as the company now plans to file a BLA and begin generating revenues in 2022 if approved by the FDA. In 2022, the average revenue forecast suggests KRYS could generate $10.5 Million if the BLA is successful.
Following this announcement, KRYS stock jumped 121% reaching a 6 month high. However, H.C Wainwright analyst Joseph Pantginis sees further value in the stock, boosting the firms KRYS stock price target to $124 a share. Let’s dive into what Joseph Pantginis had to say regarding the firms Krystal Biotech stock forecast.
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H.C Wainwright sees further upside in KRYS stock
Following Krystal Biotech’s positive trial announcement, H.C. Wainwright analyst Joseph Pantginis raised the firm’s price target on Krystal Biotech to $124 a share. The analyst noted that the trial data solidifies Vyjuvek’s safety profile and increases the confidence in its re-dosing potential. Pantginis added that its safety profile provides applicability in real world settings.
However, Pantginis is not the only Wallstreet analyst who has highlighted the significance of the drugs safety profile. Earlier this year, William Blair analyst Raju Prasad noted that Krystal Biotech’s B-VEC trial data reaffirmed an impressive safety profile. Prasad saw yesterday’s data readout as a “major catalyst”, with the possibility of commercialisation in 2022.
Despite yesterday’s rally, the Krystal Biotech price target from H.C Wainwright still represents a 40% upside from the current trading price. This suggests the H.C Wainwright analyst sees further upside in KRYS stock despite the company trading at all time highs. As for William Blair analyst Raju Prasad, the analyst maintains an Outperform rating on the stock.
What the trial data means for shareholders?
Based on strong topline results, Krystal Biotech now plans to submit a Biologics License Application (BLA) with the U.S. FDA in the first half of 2022. The application is the companies next step in commercialising the treatment and delivering it to patients in need. Krystal Biotech also plans on submitting a Marketing Authorization Application (MAA) in Europe.
If the BLA is approved by the FDA, Krystal Biotech can begin begin commercialising Vyjuvek as a treatment for Dystrophic EB. From here, the company can begin generating revenues which is vitally important to keep a Biotech afloat and continue to fund the companies ongoing trials in its pipeline.
“With these results in hand, we look forward to advancing discussions with regulatory authorities and will work quickly to bring this potential first-ever treatment to patients with dystrophic EB and their families who are in desperate need.”said Suma Krishnan Founder and Chief Operating Officer of Krystal Biotech.
KRYS Stock Forecast: The Bottom Line
In summary, Krystal Biotech’s strong topline data results will see the company move one step closer to commercialising Vyjuvek as an effective treatment for Dystrophic EB. Not only is this a breakthrough for shareholders, but it also marks a historic development in the gene therapy scientific field.
The $124 target from H.C Wainwright reaffirms confidence for the bulls, especially following the companies 121% rally yesterday. Investors can expect to see further developments in the companies filing of the BLA in 2022 based on the companies guidance.
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