Wells Fargo Beefs Up Kezar Life Price Target - Read Why

  • Wells Fargo reiterated its Overweight rating and raised its price target to $17 from $13 for Kezar Life Sciences Inc KZR on zetomipzomib's (zeto) positive Ph2 MISSION data in lupus nephritis (LN). 
  • The analysts say that the data is in-line with our bull case and well ahead of Street expectations since PRESIDIO's failure. 
  • Wells Fargo says the high complete renal response/overall renal response, the durability of effect, and meaningful reductions in steroids in the study validate zeto as an active agent in LN. 
  • They see a peak sales opportunity of approximately $1 billion. KZR plans to discuss zeto's next steps in LN with the FDA later this year.
  • "We think the "dream the dream" scenario is still alive for zeto as the co plans to explore additional indications, which may include systemic lupus erythematosus (SLE)." Wells Fargo notes.
  • The analysts think zeto's data is even more impressive given its ~35% CRR is with lower starting doses of MMF and lower/declining doses of steroids.
  • 11 of 17 patients (64.7%) achieved an ORR measured, the primary efficacy endpoint of the clinical trial.
  • Price Action: KZR shares are up 43.90% at $8.32 during the market session on the last check Tuesday.
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