Summary

• BioCryst Pharmaceuticals, Inc. is upgraded to Buy, reflecting strong execution in HAE and a compelling pipeline with Orladeyo and navenibart.
• BCRX targets $1.8bn in revenues and $1bn in cash by 2033, leveraging best-in-class efficacy and less frequent dosing for navenibart to challenge market incumbents.
• Recent Q1 results showed 11% YoY Orladeyo revenue growth, robust non-GAAP profitability, and reaffirmed 2026 guidance, suggesting valuation remains attractive.
• Key risks for BCRX stock include intensifying competition, patent expiries post-2030, and potential clinical or manufacturing setbacks, but current momentum supports a 30–50% upside.
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Investment Overview

Back in October last year, I assigned BioCryst Pharmaceuticals, Inc. (BCRX) stock my second straight Hold rating (after I initiated coverage with a Sell Rating in November 2023) in a note

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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