Source: Dr. David Nierengarten 10/29/2024

Wedbush analysts Dr. David Nierengarten, Dennis Pak, and Dr. Martin Fan, in a research report published on October 29, 2024, maintained their Outperform rating on Kiniksa Pharmaceuticals Ltd. (KNSA:NASDAQ) with a price target of US$34.00. The report follows Kiniksa's Q3 2024 earnings announcement, which showed continued strong growth for Arcalyst.

The analysts highlighted the company's strong quarterly performance, stating, "Net product revenues of US$112.2MM (+73% y/y) slightly edged out our US$112.0MM estimate. Management's updated FY revenue guidance to US$410-US$420MM (previously US$405-US$415MM) implies Q4 revenue of US$115.5-US$125.5MM (3%-12% q/q growth)."

Regarding market penetration, the analysts noted, "More than 11% of patients in KNSA's target RP population of 14,000 patients that suffer from two or more recurrences are now actively on Arcalyst therapy, compared to 9% penetration at YE23." They added, "Notably, ~45% of all new prescriptions were written by repeat prescribers, which accounted for ~25% (640) of total prescriber base."

The analysts emphasized the growing duration of therapy, stating, "Importantly, average total duration of Arcalyst therapy in RP continues to grow, increasing to ~27 months as of 3Q24 from ~23 months as of 1Q24."

Regarding the company's pipeline, the report highlighted progress with abiprubart, noting, "Abiprubart's subcutaneous formulation and potential for once-monthly dosing should provide a greater dosing convenience relative to other agents and support uptake in a crowded but large market (300,000+ patients in the U.S.A.) assuming comparable efficacy."

The analysts addressed the stock's recent performance, stating, "We think today's share action reflects overoptimistic expectations investors may have had following the outsized Q2 sequential growth over a seasonally weak Q1. Net-net, we believe Arcalyst fundamentals remain strong and view current trading levels as an attractive entry point."

Wedbush's valuation methodology is based on a sum-of-parts approach. The analysts explained, "Our PT is derived from a sum-of-parts valuation for each of the company's clinical programs: an 8x multiple to KNSA's share of estimated US sales of Arcalyst in RP in 2027 and CAPS in 2025 (discounted back by 15%), and an 8x multiple to abiprubart's estimated sales in Sjogren's disease in 2029/30 (discounted back by 35%)."

In conclusion, Wedbush's maintenance of its Outperform rating and US$34 price target reflects confidence in Kiniksa's commercial execution with Arcalyst and pipeline potential. The share price at the time of the report of US$23.76 represents a potential return of approximately 43% to the analysts' target price, suggesting a significant upside as the company continues to expand its market penetration and advance its pipeline.

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Disclosures for Wedbush, Kiniksa Pharmaceuticals, October 29, 2024

Analyst Certification We, David Nierengarten, Dennis Pak and Martin Fan, certify that the views expressed in this report accurately reflect our personal opinions and that we have not and will not, directly or indirectly, receive compensation or other payments in connection with our specific recommendations or views contained in this report.

Company Specific Disclosures This information is subject to change at any time. 1. WS makes a market in the securities of Kiniksa Pharmaceuticals.

Wedbush disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the current quarter, will not be displayed until the following quarter. Additional information on recommended securities is available on request. Disclosure information regarding historical ratings and price targets is available: Research Disclosures *WS changed its rating system from (Strong Buy/ Buy/ Hold/ Sell) to (Outperform/ Neutral/ Underperform) on July 14, 2009. Applicable disclosure information is also available upon request by contacting the Research Department at (212) 833-1375, by email to leslie.lippai@wedbush.com. You may also submit a written request to the following: Wedbush Securities, Attn: Research Department, 142 W 57th Street, New York, NY 10019.

OTHER DISCLOSURES The information herein is based on sources that we consider reliable, but its accuracy is not guaranteed. The information contained herein is not a representation by this corporation, nor is any recommendation made herein based on any privileged information. This information is not intended to be nor should it be relied upon as a complete record or analysis: neither is it an offer nor a solicitation of an offer to sell or buy any security mentioned herein. This firm, Wedbush Securities, its officers, employees, and members of their families, or any one or more of them, and its discretionary and advisory accounts, may have a position in any security discussed herein or in related securities and may make, from time to time, purchases or sales thereof in the open market or otherwise. The information and expressions of opinion contained herein are subject to change without further notice. The herein mentioned securities may be sold to or bought from customers on a principal basis by this firm. Additional information with respect to the information contained herein may be obtained upon request. Wedbush Securities does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see pages 3–7 of this report for analyst certification and important disclosure information. Retail Investors The information provided is for general informational purposes only and should not be considered an individual recommendation or personalized investment advice. The companies/investments mentioned may not be suitable for everyone. Each investor needs to review their own respective situation(s) before making any investment decisions. All expressions of opinion are subject to change without notice due to shifting market(s), economic or political conditions. Investment involves risks including the risk of principal. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.

( Companies Mentioned: KNSA:NASDAQ, )

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Nov 21, 2024, 6pm EST

Election 2024 is over... what now? Join a panel conversation with Tufts faculty exploring how the election results might affect domestic and international politics, including key policy issues. Food provided!

No RSVP necessary, and all are welcome.

Building: Dowling Hall
Campus Location: Medford/Somerville campus
City: Medford, MA 02155
Campus: Medford/Somerville campus
Location Details: Dowling Hall 745
Wheelchair Accessible (for in-person events): Yes
Open to Public: Yes
Primary Audience(s): Faculty, Staff, Students (Graduate), Students (Postdoctoral), Students (Undergraduate)
Event Type: Lecture/Presentation/Seminar/Talk
Subject: Elections, Politics/Policy/Law, Public Service/Government
Event Sponsor Details: Sponsored by the Department of Political Science, the International Relations Program, and Tisch College
RSVP Information: tischcollege.tufts.edu…
Event Admission: Free
More info: tischcollege.tufts.edu…

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