Biotech stock Kiniksa Pharmaceuticals (NASDAQ:KNSA) rolled out its second quarter earnings, and investors exploded into a cloud of glee. That might sound too strong a metaphor, but with shares up over 31% in Tuesday afternoon’s trading, it’s likely accurate enough.
The numbers were all beats, and sufficiently impressive to catch and hold attention. Kiniksa posted earnings of $0.21 per share, which came out nearly double the loss of $0.17 per share analysts originally projected. Revenue didn’t do quite so well, but still came out a beat. Analysts expected $52.2 million in total revenue, but Kiniksa posted $71.47 million. Investors also were likely pleased with revised guidance out of Kiniksa. Kiniksa originally projected between $200 million and $215 million for Arcalyst net product revenue. Now, it’s looking for between $220 million and $230 million. Further, Kiniksa also believes it has sufficient cash runway to keep its operating plan going until 2027 at least.
Since Kiniksa’s primary focus is on cardiovascular diseases—and cardiovascular diseases are a serious problem in the world today—that led the way for Arcalyst to turn in some impressive numbers. With Arcalyst’s value in the rise—Kiniksa pointed to Arcalyst turning in $71.5 million, which is up 165% against this time last year—it’s clear that Kiniksa can make quite a run with Arcalyst in its corner.
The news comes at a good time for Kiniksa Pharmaceuticals. A look at the last five days in trading for Kiniksa shows that it was fairly flat with a slight downward trend before its earnings news hit. Then the stock went straight up for a bit before moderating and ultimately plateauing at its new high of just under $20. Based on a look at the one year charts, it looks like Kiniksa has set a new 52-week high as well.
