Wedbush boosts Karyopharm target to $11 from $6 on Xpovio approval
Wedbush analyst David Nierengarten raised his price target for Karyopharm Therapeutics to $11 from $6 after the FDA on Wednesday approved selinexor, now branded as Xpovio, in combination with dexamethasone for the treatment of multiple myeloma in patients who have received at least four prior therapies. The stock closed Wednesday up 36% to $8.90. The label has no black box warnings or contraindications, but does include extensive safety monitoring guidelines and recommendations, Nierengarten tells investors in a research note. Karyopharm has priced Xpovio at $22,000 per month, which comes in higher than expected but is "not unreasonable" in comparison to other FDA-approved multiple myeloma drugs, contends the analyst. He projects sales of $9.1M in fiscal 2019, with peak sales potential approaching $300M. Nierengarten keeps an Outperform rating on Karyopharm Therapeutics.