Evercore ISI reopened coverage on BioCryst Pharmaceuticals (NASDAQ:BCRX) on Tuesday, issuing an outperform recommendation and setting a price target of $17.00. At the time of the note the stock was trading at $6.95, with the company carrying a market capitalization of about $1.7 billion.
The timing of Evercore ISI’s coverage resumption follows the close of BioCryst’s acquisition of ATXS. The firm’s $17.00 target represents approximately 150% upside from existing levels and equates to a $4.8 billion enterprise value. In Evercore ISI’s discounted cash flow analysis, that valuation corresponds to a 2.9x multiple on peak sales.
Evercore ISI said its view is consistent with the prevailing analyst community, which the firm noted holds a Strong Buy consensus and has published price targets spanning $13 to $32.
At the same time, Evercore ISI warned that near-term returns over a three-to-six-month timeframe remain uncertain. The firm observed limited investor urgency to initiate positions ahead of PHVS prophylaxis data that is expected in the third quarter of 2026.
Evercore ISI added that well-telegraphed competitive overhangs have the potential to create fundamental value dislocations, and that it is assessing the equity on a one-to-two-year timeframe. BioCryst has been placed on Evercore ISI’s Core SMID list.
Other corporate developments were highlighted alongside Evercore ISI’s coverage decision. BioCryst has completed a $700 million acquisition of Astria Therapeutics, an addition the company said brings the late-stage plasma kallikrein inhibitor navenibart into its hereditary angioedema portfolio. Navenibart is being developed as a long-acting injectable intended for dosing intervals of three to six months, and the acquisition is expected to broaden BioCryst’s treatment offerings.
Financially, BioCryst reported that ORLADEYO generated $601 million in total revenue for 2025, exceeding the company’s guidance range. ORLADEYO sales in the fourth quarter amounted to $151 million, which Evercore ISI said was in line with consensus expectations.
Sell-side reactions to BioCryst’s results and strategic moves were also noted. Cantor Fitzgerald reaffirmed its Overweight rating on the stock and maintained a $26.00 price target. Citizens reiterated its Market Outperform rating with a $25.00 price target, citing the strong fourth-quarter performance.
Separately, the coverage note referenced a financing development at BriaCell Therapeutics. BriaCell announced a $30 million public offering that was priced at $5.59 per unit, a significant discount to the prior closing price, and which resulted in a marked decline in that stock’s share price.
Evercore ISI’s note therefore combines a constructive multi-year valuation framework for BioCryst with a caution on near-term variability tied to competitive dynamics and upcoming clinical data events.