Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price27.00 USD
Fair value21.18
Ethical score70.0/100
Our investment reviews on this name
2026-07-02Read Markup27.00+0.0% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
KalVista Pharmaceuticals, Inc. holds its Markup at $27.00. Elevated stress, defensive posture warranted, held for 20 days.
As held on the ledger · 2026-10-06
Phase
Markup
Quantitative state
Elevated stress, defensive posture warranted, held for 20 days
Price at the screen
$27.00
Valuation
N/A trailing · 17.48 forward price to earnings
Values screen
FAIL· score 70.0
Beta
-0.11
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
45.20%
Below 33%
Interest-bearing debt is 45.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
21.13%
Below 33%
Cash held in interest-bearing accounts and securities is 21.1% of assets, under the one-third limit.
Pass
Receivables
69.16%
Below 49%
Money owed to the company is 69.2% of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
KalVista Pharmaceuticals,'s business is in a permissible area, but its interest-bearing debt is about 45% of the company, well over the ~33% line, so it does not pass on the financial screens. Its receivables are also high.
Read as at 2026-10-07. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-10-06 screen. The gold marker is the market price at the same screen. The price runs 21.6% above the base estimate.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Rare Disease Biotech Taken Private Above Fair Value
Picture a patient hit by sudden swelling that blocks breathing, desperate for an oral pill instead of an injection. KalVista was building exactly that with sebetralstat for hereditary angioedema before it was taken private in June 2026. The business never reached profitability and posted a negative 119 percent profit margin while burning cash on late-stage trials.
We pass. The shares traded at a 27 percent premium to our fair value with a forward multiple of 17.5 times on earnings that do not yet exist. Three analysts called it a hold with a median target matching the last price, offering no margin of safety and no edge once the company left public markets.
Biotechs face binary trial outcomes and dilution risk even after approval. Currency and reimbursement swings in rare-disease drugs add further uncertainty. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; as a biotechnology name, trial and regulatory outcomes can move it sharply either way.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
KALV trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markup$27.00+0.0%Entry 6
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 65% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (5 analysts) rates it hold, with a mean price target of $29.
2026-09-03Markup$27.00+0.0%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 65% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (5 analysts) rates it hold, with a mean price target of $29.
2026-08-03Markup$27.00+0.0%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 65% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (5 analysts) rates it hold, with a mean price target of $29.
2026-07-18Markup$27.00+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 65% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 90%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (5 analysts) rates it hold, with a mean price target of $29.
2026-07-03Markup$27.00+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$27.00Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
