Market Overview

'Steady Growth' For Relypsa's Veltassa Launch

Share:
'Steady Growth' For Relypsa's Veltassa Launch

Wedbush has maintained its Outperform rating and $51 price target on Relypsa Inc (NASDAQ: RLYP), saying that the sixth full month of Veltassa's launch figures show growth in all categories, including revenue-generating outpatient prescriptions.

Veltassa is a potassium binder approved for the treatment of hyperkalemia, a condition resulting in high potassium levels in the blood that could cause abnormal heart rhythms and even sudden death.

Wedbush said that in June, 1,531 (+11 percent month-over-month) new patients started taking Veltassa with a free starter supply; 1,723 (+40 percent month-over-month) outpatient prescriptions were filled; and 392 (+42 percent month-over-month) hospital/institution units were sold.

Related Link: June Data On Relypsa's Veltassa "Very Encouraging"

For the second quarter, 4,132 (+65 percent quarter-over-quarter) new patients started taking Veltassa with a free starter supply; 3,881 (+236 percent quarter-over-quarter) outpatient prescriptions were filled; and 957 (+156 percent quarter-over-quarter) hospital/institution units were sold.

"We are especially encouraged by the continued growth in revenue-generating outpatient prescriptions filled and view the growth as a sign of decreased insurer pushback and physicians becoming more comfortable prescribing Veltassa as a chronic treatment for hyperkalemia," analyst Liana Moussatos wrote in a note.

The analyst is looking forward to an update and additional details on the company's progress on the second-quarter financials conference call.

Shares of Relypsa closed Monday's regular trading session at $20.25. In the pre-market hours on Tuesday, they rose 3.95 percent to $21.05.

Did you like this article? Could it have been improved? Please email feedback@benzinga.com to let us know!

Latest Ratings for RLYP

DateFirmActionFromTo
Sep 2016TerminatesNeutral
Aug 2016DowngradesBuyHold
Aug 2016TerminatesOutperform

View More Analyst Ratings for RLYP
View the Latest Analyst Ratings

Posted-In: Analyst Color Biotech Earnings News Health Care Price Target Previews Reiteration Best of Benzinga

 

Related Articles (RLYP)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com