BioCryst reports preliminary Q4 miss for Orladeyo, says Piper Sandler

Piper Sandler analyst Christopher Raymond keeps an Overweight rating and $19 price target on shares of BioCryst after the company announced preliminary Q4 net Orladeyo revenue of $70.7M, a slight miss versus consensus, and guided FY23 revenue to "no less than" $320M, much lower than consensus. The lower-than-expected guidance is clearly not positive, and the print and guidance are likely to add to bearish sentiment around this drug’s ultimate revenue potential, management did provide a nice offset with positive initial healthy volunteer data for BCX10013 showing potential as a once daily oral treatment for PNH, Raymond tells investors in a research note.