Relypsa target lowered to $36 at H.C. Wainwright; Patiromer MAA submitted in europe; reducing sales trajectory
H.C. Wainwright lowers their RLYP tgt to $36 from $63 affirms Buy rating on fundamentally strong growth prospects. Given the moderate pace of patient starts on Veltassa so far, they lower 2016 projections: 2016 Veltassa sales estimate to $16.1M from $19.0M previously, and their peak year sales projection to $1.1B from $1.6B previously. They believe that what is weighing on the shares most acutely, even more so than the perception by some of a slow initial launch for Veltassa, is that Relypsa clearly has less than one year of cash runway.