Transaction details
Nicole Sweeny, KalVista Pharmaceuticals, Inc.'s chief commercial officer, sold 3,975 shares of common stock on February 23, 2026, according to the company's Form 4 filing with the Securities and Exchange Commission. The total proceeds from the sale were approximately $61,878, executed at a weighted average price of $15.5668 per share. Individual sale prices in the filing ranged from $15.5101 to $15.566982.
The filing specifies that the disposition was conducted to cover tax-withholding obligations arising from the vesting and settlement of Restricted Stock Units (RSUs). The Form 4 further indicates the sale was not a discretionary transaction.
Related RSU activity
Earlier in the week, on February 21 and 22, Sweeny acquired a total of 11,250 shares of KalVista common stock through the exercise or settlement of RSUs. The near-sequence of RSU settlement followed by a sale to meet withholding obligations is noted in the regulatory filing.
Market and valuation snapshot
KalVista's shares have returned 46% over the past year and are trading at $15.77, with a market capitalization of about $800 million. InvestingPro analysis cited in the filing places a Fair Value for KALV at $18.07. The filing also notes that InvestingPro offers 11 additional tips for investors seeking deeper insight into the company's financial position and outlook.
Product performance and analyst reaction
KalVista reported preliminary fourth-quarter 2025 revenue for its oral hereditary angioedema therapy, EKTERLY, of roughly $35 million. That preliminary result meaningfully exceeded analyst expectations, which the filing characterizes as around $20 million, and contributed to a full-year revenue tally of approximately $49 million. EKTERLY launched in July 2025.
The stronger-than-expected sales prompted several analyst moves cited in the filing. Stifel maintained a Buy rating and a $39.00 price target. Needham raised its price target from $32.00 to $35.00 while maintaining a Buy rating. Citizens increased its target from $28.00 to $29.00 and continued to rate the stock as Market Outperform. The filing also notes that a newly published International Guideline recommended EKTERLY as a first-line therapy for acute hereditary angioedema attacks in adolescents, underscoring the therapy's acceptance in clinical guidance.
Key points
- Insider sale: KalVista CCO Nicole Sweeny sold 3,975 shares on February 23, 2026, to satisfy tax-withholding tied to RSU vesting, per an SEC Form 4 filing - impacting investor perceptions of insider activity in the biotech sector.
- EKTERLY launch drives revenue: Preliminary Q4 2025 EKTERLY revenue of approximately $35 million far outpaced the roughly $20 million analysts expected, contributing to about $49 million in full-year revenue and prompting multiple analyst price-target increases - affecting pharmaceuticals and healthcare equities.
- Valuation view: The stock has gained 46% over the past year, trades at $15.77 with an $800 million market cap, and InvestingPro places a Fair Value at $18.07, indicating a specific view on current valuation for market participants.
Risks and uncertainties
- Insider transaction context: While the sale was reported as non-discretionary and executed to cover tax-withholding from RSU settlement, such transactions can still influence short-term market dynamics in biotech and small-cap equities.
- Revenue concentration: The company's recent revenue beat is tied to EKTERLY performance; future results remain subject to sales momentum and adoption rates in the therapeutic market for hereditary angioedema.
- Analyst projections and targets: Several firms adjusted price targets upward following the EKTERLY launch, but those target changes reflect differing valuation assumptions and could be revised again as more sales data become available.
Conclusion
The SEC disclosure frames the CCO's sale as a tax-related, non-discretionary move tied to RSU settlement rather than a standalone decision to divest. At the same time, KalVista reported preliminary EKTERLY revenue that substantially exceeded the referenced analyst estimate, which has led to upgraded price targets from multiple research firms and a stronger clinical recommendation for the product in adolescent acute attacks. Investors tracking KALV will likely weigh the regulatory filing alongside EKTERLY's launch trajectory and evolving analyst views when assessing the company's near-term prospects.