KalVista Pharmaceuticals Inc (NASDAQ:KALV) disclosed an insider sale by its Chief Medical Officer, Paul K. Audhya, who sold 5,354 shares of common stock on February 23, 2026, according to a Securities and Exchange Commission filing. The shares were sold at a weighted average price of $15.5668, producing proceeds of approximately $83,344. Reported sale prices ranged between $15.518 and $15.566982.
The SEC filing further states that Audhya exercised options to acquire 11,250 shares of KalVista common stock on February 21 and 22, 2026. Those transactions included the conversion of 11,250 restricted stock units into common shares.
After these actions, Audhya is listed as directly holding 138,983 shares of KalVista Pharmaceuticals. The insider sale occurred while the stock was trading at $15.77, a level that represents a 46% increase from the same period a year earlier.
Market commentary included in the filing notes that InvestingPro analysis views the company as potentially undervalued at current prices, with analysts' price targets spanning from $22 to $39. The filing also references comprehensive Pro Research Reports covering KalVista and more than 1,400 other U.S. equities for readers seeking deeper analysis.
Separately, KalVista announced strong preliminary fourth-quarter revenue for EKTERLY, its oral treatment for hereditary angioedema (HAE). Global sales for EKTERLY in the fourth quarter were approximately $35 million, notably above analyst expectations that were near $20 million. For the full year 2025, EKTERLY sales are reported at about $49 million, reflecting uptake since the therapy's market launch in July 2025.
The International Guideline on the Diagnosis and Management of Pediatric Patients With Hereditary Angioedema has recommended EKTERLY as a first-line therapy for acute treatment in adolescents aged 12 and older, a guideline mention cited in the filing as supporting the product's clinical position.
Responding to the preliminary sales and launch trajectory, several analyst firms updated their valuations. Stifel maintained a Buy rating and set a $39.00 price target. Needham increased its price target to $35.00 from $32.00 while also keeping a Buy rating. Citizens raised its target to $29.00 from $28.00, citing EKTERLY's strong launch performance. These revisions were noted in the company filing as reflecting market reactions to the product's initial commercial results.
Context and takeaways
The file of transactions shows a sequence: option exercise and RSU conversion on February 21 and 22, followed by a sale of a portion of resulting shares on February 23. Audhya retained a significant direct holding after these moves. Meanwhile, KalVista's reported EKTERLY sales and the guideline recommendation are highlighted by analysts as key drivers behind recent target increases.
Investors evaluating KalVista will see a mix of insider activity, early commercial performance for a newly launched product, and differing analyst valuations that together frame the company's near-term narrative.