Wells Fargo Beefs Up Kezar Life Price Target - Read Why - Kezar Life Sciences (NASDAQ:KZR)

Wells Fargo reiterated its Overweight rating and raised its price target to $17 from $13 for Kezar Life Sciences Inc KZR on zetomipzomib's (zeto) positive Ph2 MISSION data in lupus nephritis (LN).
The analysts say that the data is in-line with our bull case and well ahead of Street expectations since PRESIDIO's failure.
Wells Fargo says the high complete renal response/overall renal response, the durability of effect, and meaningful reductions in steroids in the study validate zeto as an active agent in LN.
They see a peak sales opportunity of approximately $1 billion. KZR plans to discuss zeto's next steps in LN with the FDA later this year.
"We think the "dream the dream" scenario is still alive for zeto as the co plans to explore additional indications, which may include systemic lupus erythematosus (SLE)." Wells Fargo notes.
The analysts think zeto's data is even more impressive given its ~35% CRR is with lower starting doses of MMF and lower/declining doses of steroids.
11 of 17 patients (64.7%) achieved an ORR measured, the primary efficacy endpoint of the clinical trial.
Price Action: KZR shares are up 43.90% at $8.32 during the market session on the last check Tuesday.

Wells Fargo Beefs Up Kezar Life Price Target - Read Why