- Guggenheim starts coverage on Chinook Therapeutics Inc (NASDAQ:KDNY) with a Buy rating and a $43 price target, being ‘bullish’ on the immunoglobulin A nephropathy (IgAN) market.
- The analyst is “bullish” on the increased interest, investment, and innovation in the immunoglobulin A nephropathy, or IgAN, market and believes Chinook is “well-positioned to benefit from these trends.”
- Atrasentan and BION-1301 have each shown “impressive early data,” writes the analyst, while their benefits still need to be demonstrated in pivotal trials.
- Rival drug Filspari from Travere Therapeutics Inc (NASDAQ:TVTX) is paving an exciting path for endothelin receptor antagonists (ERAs) in IgAN and FSGS, but the analyst believes atrasentan’s more extensive safety database may allow for it to have a less restrictive REMS program.
- Guggenheim projects both drugs to make it to the market and hold >$1 billion annual peak sales potential by 2030, anticipating a 2025 atrasentan launch, with a 75% probability of success in IgAN and a 45% odds of success in focal segmental glomerulosclerosis (FSGS).
- Price Action: KDNY shares are up 4.67% at $22.84 on the last check Wednesday.
Fear & Greed Index In ‘Neutral’ Zone; Dow Tumbles 475 Points
The CNN Money Fear and Greed index remained in the "Greed" zone on Friday.
U.S. stocks closed lower on Friday amid geopolitical concerns, with the Dow Jones dipping around 475 points during the session.
