Wedbush bullish on BioCryst, initiates with an Outperform

As previously reported, Wedbush initiated coverage of BioCryst (BCRX) with an Outperform rating and $15 price target The hereditary angioedema therapeutic market represents a unique orphan disease area. While the introduction of prophylactic and on-demand treatments meaningfully changed management of the disease, there remains room for improvement, the firm says. The introduction of BioCryst’s Orladeyo as an oral, prophylactic treatment represents an interesting shift in the marketplace and as the drug enters 2025, management now sees FY25 Orladeyo revenue reaching $535M-$550M. With the stock trading at an EV $2B, Wedbush sees BioCryst as an undervalued opportunity.