KalVista Pharmaceuticals reported a recent insider sale by Chief Financial Officer Brian Piekos in an SEC Form 4 filed after the transaction. On February 23, 2026, Piekos sold 1,767 shares of KalVista common stock at a weighted average price of $15.5668 per share, producing proceeds of $27,506. The per-share prices on the trade ranged from $15.5253 to $15.56698. KalVista's share price is trading at $15.77, representing a 46% increase over the past 12 months.
The insider activity included additional equity-related actions earlier the same week. On February 21, Piekos exercised options on 5,000 shares of KalVista common stock. He also converted 5,000 Restricted Stock Units into common stock that day. Those exercises and conversions, alongside the sale on February 23, are documented in the company filing.
Independent analysis cited in the filing notes that the stock appears undervalued relative to its Fair Value assessment. The analysis points to valuation metrics and further research available through the referenced Pro Research Report for investors seeking deeper detail.
Separately, KalVista released preliminary top-line revenue figures for the fourth quarter of 2025 tied to its oral hereditary angioedema product EKTERLY. The company reported approximately $35 million in fourth-quarter revenue for EKTERLY, a result that substantially exceeds the Street estimate of roughly $20 million. That performance helped drive full-year 2025 revenue to about $49 million.
The stronger-than-expected sales trajectory prompted several research firms to revisit their views and price targets for KalVista. Stifel reiterated a Buy rating and left its price target at $39.00. Needham raised its target from $32.00 to $35.00 while maintaining a Buy rating. Citizens increased its price target from $28.00 to $29.00, specifically noting the robust launch performance of EKTERLY.
Clinical and regulatory developments for EKTERLY were also highlighted. A newly published International Guideline on the Diagnosis and Management of Pediatric Patients With Hereditary Angioedema recommended EKTERLY as a first-line therapy for treating acute hereditary angioedema attacks in adolescents aged 12 years and older. That recommendation was characterized as based on clinical trial data showing consistent efficacy and a favorable safety profile. In 2025 KalVista secured seven global regulatory approvals for EKTERLY, actions that the company says strengthened its market presence in the United States and Germany.
Taken together, the insider stock sale, option exercise, and RSU conversion occurred against a backdrop of accelerating commercial uptake for EKTERLY and multiple analyst target changes. The company stock has seen meaningful appreciation over the past year, and the recent preliminary revenue results appear to have driven renewed analyst attention and revised valuation perspectives.
For market participants monitoring insider transactions and commercial momentum in specialty pharmaceuticals, these filings and preliminary sales figures provide concrete, contemporaneous data points. The documents indicate the timing and scale of the CFO's equity actions but do not supply additional commentary on the motivations behind the transactions.