BioCryst Pharma (BCRX) PT Raised to $28 at Citizens Amid Steady New Patient Starts

Citizens analyst Jonathan Wolleben raised the price target on BioCryst Pharma (NASDAQ: BCRX) to $28.00 (from $25.00) while maintaining a Market Outperform rating.

The analyst commented, "Orladeyo took a typical 1Q dip, with sales of $148M coming in slightly below our and consensus estimates ($151M/$149M), while management noted steady new patient starts, which remain the key fundamental. Management reiterated 2026 guidance of $625–$645M, and we are a bit more bullish at $648M vs. consensus of $638M. BCRX remains confident in its $1B sales target by 2029, which is in line with our model, with expected steady net patient adds (150-200 annually), improving paid rates and price increases (9% taken in January). We like the Neopharmed deal as it already has EU rights to Orladeyo (our coverage here), and the $70M non-dilutive upfront payment is a nice to have for BCRX, with further upside from potential future milestones and royalties. Longer-term growth will be driven by navenibart, which we think is likely to hit in Phase 3 next year. BCRX is targeting $1.8B in combined revenue by 2033 that we believe is achievable (~$2B). Near term, there is potential upside from the proof-of-concept data for BCX17725 in Netherton syndrome by YE26, which is potential upside to our current valuation."

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