Kiniksa price target raised to $38 from $30 at Wedbush

Wedbush analyst David Nierengarten raised the firm’s price target on Kiniksa Pharmaceuticals to $38 from $30 and reiterates an Outperform rating on the shares. The stock in morning trading is up 21% to $27.86. The company announced positive topline data from its Phase 3 RHAPSODY study investigating rilonacept in patients with recurrent pericarditis as the trial met its primary and major secondary endpoints to statistical significance, Nierengarten tells investors in a research note. The analyst believes the outcomes from the study will support FDA approval and use of rilonacept in recurrent pericarditis and that awareness among physicians from marketing efforts will establish the drug as the preferred anti-IL-1 biologic.