Calliditas Therapeutics: Well-positioned late-stage orphan play
We are initiating coverage of Calliditas Therapeutics, a late-stage orphan drug company set to start a Phase III with lead project Nefecon for IgA nephropathy. We see a good case in the stock going forward, with strong sales potential and above-average probability of success. Fair value in our Base Case is SEK 70 per share.