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 (NASDAQ: 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.

Latest Ratings for KZR

View More Analyst Ratings for KZR

View the Latest Analyst Ratings

See more from Benzinga

• The Daily Biotech Pulse: Kezar Life Surges On Positive Kidney Disease Trial Data, FDA Rejects Spero Therapeutics' Tebipenem, Graybug Reviews Strategic Alternatives

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.