Krystal Biotech (KRYS) has further room for gains driven by Vyjuvek, its treatment for the rare blistering condition dystrophic epidermolysis bullosa, alongside international launches and growth across its gene therapy pipeline, RBC Capital said Friday in a report.

Krystal's neurotrophic keratitis program could be its next major catalyst, with pivotal data expected in early 2027, RBC said. Shares may rise 30% if results match the current standard of care, while a weak outcome might prompt a 15% decline, the report said.

RBC forecasts peak NK sales of $2.1 billion in 2030, citing the established market and potential for the therapy to become a best-in-class treatment, though the outlook remains "cautiously optimistic" given limited clinical data.

Vyjuvek holds more than 60% of the US market, while international launches are expected to drive the next phase of growth, the report said. RBC projects Vyjuvek peak sales of $1 billion by 2033 and pointed to H2 readouts in ocular DEB, cystic fibrosis and Hailey-Hailey disease, a skin disorder, as potential catalysts.

RBC initiated coverage of Krystal with an outperform rating on the stock and a $400 price target.

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