UPDATE: Morgan Stanley Initiates Coverage on Relypsa on Large Opportunity in K+ Control
In a report published Tuesday, Morgan Stanley analyst David Friedman initiated coverage on Relypsa (NASDAQ: RLYP) with an Overweight rating and $57.00 price target.
In the report, Morgan Stanley noted, “We are OW Relypsa as we believe patiromer has $850+mn revenue potential in hyperK+. Patiromer has shown solid data reducing serum K+ levels in hyperkalemic patients out to 52 weeks. Patiromer's safety profile is clean, with manageable mild-to-moderate GI tolerability and low levels of hypokalemia and hypomagnesemia, which have not led to clinically meaningful issues. We expect patiromer to be approved in the US following a 3Q14 NDA filing; the EU path forward is less clear to us. Many HF and CKD patients must reduce or discontinue RAASi therapy, drugs which have been shown to improve long-term outcomes, given high K+ levels. We see a compelling opportunity for patiromer as the drug reduces K+ levels and may allow HF and CKD patients to remain on their RAASi therapy. We expect that limited long-term data and tolerability issues will moderate the impact of competitors such as ZS-9 and kayexalate.”
Relypsa closed on Monday at $19.99.
Latest Ratings for RLYP
Date | Firm | Action | From | To |
---|---|---|---|---|
Sep 2016 | BTIG Research | Terminates | Neutral | |
Aug 2016 | Stifel Nicolaus | Downgrades | Buy | Hold |
Aug 2016 | Oppenheimer | Terminates | Outperform |
View More Analyst Ratings for RLYP
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