Another biotech IPO coming out of its quiet period today is Kamada (KMDA +3.3%), being initiated by a number of firms with an overall bullish outlook: Jefferies kicks off coverage with a Buy, and Oppenheimer with an Outperform. Both say the real story here lies in its development of an inhalable version of alpha 1 antitrypsin. Data on the European study will be available in January and should it prove successful, it will likely be transformative for the company. Separately, Morgan Stanley starts the shares off with an Equal-weight rating.
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