Krystal Biotech

KRYS · NASDAQ

$325.42+$5.17 (+1.61%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $320.25

KRYS analyst rating

BuyConsensus of 12 analysts over the last 12 months. 92% rate it a buy.

Strong buy0
Buy11
Hold1
Underperform0
Sell0

12-month price target · 14 analysts

Average $378.79 (+16.4% upside)

Low: $217.15
Now: $325.42
High: $497.70

Upgrades and downgrades

The latest rating actions, newest first

KRYS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Oct 15, 2026	Maintains	Buy	$361.00	40%
Goldman Sachs	Sep 24, 2026	Initiates	Buy	$441.00	42%
B of A Securities	Sep 21, 2026	Maintains	Buy	$392.00 → $400.00	36%
RBC Capital	Aug 14, 2026	Initiates	Outperform	$400.00	44%
Citigroup	Aug 4, 2026	Maintains	Buy	$378.00 → $386.00	42%
B of A Securities	Jul 14, 2026	Maintains	Buy	$364.00 → $396.00	36%
TD Cowen	Jun 18, 2026	Maintains	Buy	$306.00 → $403.00	42%
HC Wainwright & Co.	Jun 16, 2026	Maintains	Buy	$310.00 → $361.00	40%
HC Wainwright & Co.	Jun 1, 2026	Maintains	Buy	$310.00	40%
HC Wainwright & Co.	May 22, 2026	Maintains	Buy	$310.00	40%

The case for and against

Updated Oct 14, 2026

Bull case

Krystal Biotech is attractive fundamentally because Vyjuvek has established a durable, profitable base business as the clear DEB market leader, generating $389M of revenue in 2025 with $366M of gross profit, 94% gross margin, and $205M of net income. The company’s high capital efficiency, supported by in-house manufacturing and modest R&D spending, gives it a strong cash-generating platform to fund expansion into ex-US launches and additional indications without heavy dilution. Beyond the base franchise, the pipeline offers multiple shots on goal—especially KB801 in NK and KB803 in ocular DEB—with de-risked biology, commercial synergies, and meaningful upside if late-stage readouts validate the platform.

Bear case

Krystal Biotech is a commercial-stage company with meaningful current revenue, but its investment case is still heavily concentrated in VYJUVEK, which accounts for roughly 70% of valuation and is expected to generate $500 million in sales this year, leaving limited diversification if execution slows. The broader pipeline does not yet offset that concentration because only one pivotal study has succeeded, while KB407 and KB408 face skepticism around inhaled delivery, redosing durability, safety, and translational uncertainty, and even late-stage ocular programs still lack disclosed human efficacy data. Given the company’s dependence on regulatory approvals, potential immunogenicity issues with its HSV-1 platform, and the possibility of underwhelming clinical readouts or competition, the downside profile appears substantial despite the current net cash and Vyjuvek franchise.

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