Oppenheimer keeps Perform on BioCryst after discontinuation of BCX9930 program

Oppenheimer analyst Justin Kim notes that Biocryst has announced discontinuation of its BCX9930 program in favor of early-stage BCX10013, following recent updates at the American Society of Hematology’s Annual 2022 meeting in New Orleans. As the gap between ‘9930/’10013 previously was expected to be a two-year difference, the analyst believes the reset to the pipeline continues to place focus on the company’s ongoing commercialization of Orladeyo. While a once-daily complement inhibitor could provide a meaningful step forward from the anticipated entrance of late-stage orals, Kim thinks the validation of this profile could take time and specifically with data from patients afflicted with active disease. He continues to focus on whether the Biocryst story can drive continued commercial momentum in HAE with Orladeyo and keeps a Perform rating on the shares.