Canaccord Genuity has opened coverage on Kiniksa Pharmaceuticals Inc. with a Buy recommendation and a price objective of $62.00, implying potential upside from a current share price of $45.39. The stock is trading close to its 52-week high of $46.65 after returning roughly 130% over the past year.
The research note highlights Kiniksa as a commercial-stage biotechnology company concentrating on therapies for recurrent pericarditis and other inflammatory cardiovascular conditions. Kiniksa’s marketed product, Arcalyst (rilonacept), is identified as the first and, at present, the only therapy approved by the U.S. Food and Drug Administration specifically for the treatment of recurrent pericarditis.
That market exclusivity has correlated with rapid revenue expansion. Kiniksa reported total revenue approaching $598 million, reflecting 55.68% growth over the last twelve months. The company also disclosed a 62% year-over-year increase in revenue attributed to ARCALYST, with that line reaching $677.5 million in 2025.
Clinical and market context
Recurrent pericarditis is an inflammatory heart condition marked by repeat episodes of pericardial inflammation, often accompanied by sharp chest pain. The condition has a substantial risk of further recurrence once a patient experiences a first relapse - the risk can be around 50% among patients who do not receive appropriate medical care. In the United States, recurrent pericarditis affects more than 40,000 people.
Market projections referenced in the research note estimate the pericarditis treatment market at about $4.1 billion in 2025, with a forecast to expand to roughly $6.8 billion by 2035. These estimates frame a large addressable market for therapies that gain physician acceptance and patient adoption.
Revenue outlook and physician adoption
Kiniksa expects ARCALYST net product revenue to increase further, providing a 2026 guidance range of $900 million to $920 million. Independent broker research cited in the coverage - TD Cowen - has maintained its Buy rating and pointed to strong adoption trends. In a physician survey referenced by the firms, current treatment share for Arcalyst is reported at 32% of eligible patients, with physicians indicating an expectation that that share could rise to 47% by 2030.
Corporate leadership updates
The company has made recent executive appointments as part of its operational build-out. Ross Moat has been named Chief Operating Officer and will continue to lead commercial operations. Eben Tessari has been appointed Chief Strategy Officer, with responsibility for strategy, business development and technical operations, including initiatives related to artificial intelligence.
Conclusion
Canaccord Genuity’s initiation with a Buy rating and a $62 price target emphasizes Kiniksa’s commercial position around Arcalyst and the opportunity the firm sees in the expanding pericarditis treatment market. Key drivers cited include the product’s status as the sole FDA-approved therapy for recurrent pericarditis, recent revenue growth, projected net product revenue for 2026 and physician-reported adoption trends. Management changes signal a focus on scaling commercial execution and strategic capabilities.