H.C. Wainwright Talks Kamada's Recent Phase 2 Results

Kamada Ltd KMDA reported positive topline results from its Phase 2 biomarker study of inhaled alpha-1 [AAT-IH] for the treatment of alpha-1 antitrypsin deficiency [AATD]. H.C. Wainwright’s Andrew S. Fein maintained a Buy rating on the company, with a price target of $10.

The Phase 2 study of AAT-IH in AATD patients demonstrated “a significant increase in endothelial lining fluid (ELF) AAT antigenic level compared to the placebo group,” analyst Fein mentioned.

3 Objectives Met

Fein commented that although this was not a registrational study, the positive results achieve three important objectives for the long-run realization of value for AAT-IH.

• Objective 1: Fein commented that the first objective accomplished was gaining “incremental proof” that AAT has efficacy in inhalation formulation.
• Objective 2: Kamada is currently compiling responses to the EMA’s 120-day of questioning, and the Phase 2 results provide more data that can be submitted to the EMA.
• Objective 3: Kamada is also in ongoing discussions with the FDA and the Phase 2 readout is a step closer to “solidifying a registrational trial design with an approvable clinically meaningful endpoint,” which is expected to be another key catalyst for the company’s stock, the analyst stated.

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