Zevra Therapeutics initiated with a Buy at Guggenheim

Guggenheim initiated coverage of Zevra Therapeutics with a Buy rating and $20 price target Niemann-Pick disease Type C, or NPC, is an ultra orphan progressive genetic disorder that until recently had no approved therapies in the U.S. and last month’s approval of Miplyffa and a drug launch anticipated by year-end leave Zevra well-positioned to reach a significant majority of the known 350 NPC patients in addition to penetrating new patients not yet identified and diagnosed, the analyst tells investors. With greater than 70 U.S. EAP patients to transition to paid drug and an average price per year of about $1M per patient, Guggenheim sees a significant commercial opportunity for Miplyffa to serve as “an anchor for Zevra’s growing rare disease franchise” as the company focuses on quickly securing payer coverage and leveraging the current rare disease sales force already in the field, the firm added.