Krystal Biotech price target raised to $206 from $204 at Citi

Citi analyst Yigal Nochomovitz raised the firm’s price target on Krystal Biotech (KRYS) to $206 from $204 and keeps a Neutral rating on the shares after its Q3 earnings beat. The company’s pipeline is an upside lever with multiple data catalysts coming – including KB408-AATD by 2024-end, KB707-solid tumor by 2024-end, KB407-CF in the first half of 2025, and ophthalmic B-VEC in 2025, the analyst tells investors in a research note. Citi adds that while it currently heavily risk-adjusts these programs, but achieving initial proof of concept could merit “substantial de-risking and a thesis re-assessment”.