Krystal gains as brokerages raise PT on FDA nod for skin-disorder gene therapy

Krystal Biotech

22/05/2023 15:50

** Shares of Krystal Biotech Inc  KRYS.O  up 16.4% at
$111.82
    ** Multiple brokerages raise PT on co after U.S. FDA on
Friday approved KRYS's first-of-its kind topical gene therapy
for patients with a genetic skin disorder
    ** The therapy, Vyjuvek, is expected to be available in the
United States in Q3 of 2023 
    ** Brokerage TD Cowen raises stock PT to $130 from $111
    ** The $631,000 patient/year WAC (wholesale acquisition
cost) of the therapy and the company's updated estimation of
more than $750 mln in peak sales worldwide, aligns with our
model - TD Cowen 
    ** The company expects to also obtain European approval
around early 2024 and in Japan in 2025 
    ** Brokerage H.C. Wainwright ups PT to $139 from $119, and
Guggenheim raises PT to $130 from $101
    ** YTD co's stock up 41.2%, including session gains 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))