BioCryst Pharmaceuticals (BCRX) faces multiple near-term catalysts and a strong commercial business that make 2026 a critical year for the company, Wedbush said in a note Tuesday.

Wedbush analysts said that BioCryst's planned acquisition of Astria Therapeutics is "an important catalyst to expand the pipeline with navenibart." Preliminary data shows robust attack rate reduction with extended dosing, and phase 3 data remains on track for early 2027, the analysts said.

While phase 1 data for BCX17725 in Netherton syndrome is not priced in the stock, it could "be a nice call option," Wedbush added, citing recent data showing 90%-92% hereditary angioedema (HAE) attack rate reductions at three and six months doses.

Wedbush said BioCryst shares trade at a discount compared with peers as investors are concerned about Orladeyo revenue longevity, however, Wedbush believes the Astria deal provides an important offset.

Wedbush sees navenibart as a key revenue growth driver and expects BioCryst's total revenue to exceed $2 billion by 2032, compared with the consensus estimate of $1.7 billion.

Wedbush maintained its price target at $21 per share while reiterating its outperform rating.