Jun. 6 at 11:48 AM
Piper Sandler reiterated
$BBIO Overweight-
$63 and said "Encaleret Phase 3 CALIBRATE Readout Offers an Under-The-Radar 2H '25 Catalyst"
$ASND $AZN
$ALNY $PFE
Piper Sandler added, "The Phase 3 topline readout of the CALIBRATE study of
$BBIO's calcilytic, encaleret, will be disclosed in the 2H '25 (we think Sept/Oct timeframe).
Based on the positive efficacy data presented for the Phase 2b study of encaleret in moderate-to-severe patients with ADH1, we think those data are supportive of a positive outcome in CALIBRATE in 67 patients with ADH1. We estimate risk-adjusted US/EU peak sales of
$389M (we have a 40% discount) for ADH1, and these estimates represents about ~9% of total product revenues.
Furthermore, there are readthroughs of ADH1 to a broader chronic hypoparathyroidism indication from a biochemical and b/g med viewpoint, and as a result,
there is possible derisking with CALIBRATE to the hypoparathyroidism opportunity."
