Shares of Kamada Ltd. surged 8.7% to $9.62 as investors bet that a genuine U.S. public health crisis could translate into durable revenue upside for a $500 million Israeli biotech that makes one of only two FDA-approved rabies treatments sold in America.

  • A CDC Advisory Turned an Obscure Drug Into a Headline Trade. On September 10, the CDC issued a Health Advisory reporting a significant year-over-year increase in human rabies exposures and post-exposure treatment use nationwide.

The agency received 17% more rabies-related inquiries in July–August 2026 versus 2025, while pharmacy data showed utilization of rabies immunoglobulins jumped an estimated 76% year-over-year. For Kamada, which sells into a U.S. rabies immunoglobulin market it estimates at approximately $200 million annually , that spike is a direct demand catalyst.

  • Kamada Says It Can Actually Fill the Orders. The company said its inventory and manufacturing capacity are positioned to support continued supply, citing its vertically integrated supply chain, its partnership with distributor Kedrion, and recent FDA approval of its in-house rabies testing lab. That matters because supply-constrained competitors would hand Kamada share gains rather than just volume gains. KedRAB is one of only two FDA-approved anti-rabies immunoglobulin products in the U.S. , making the competitive field exceptionally narrow.

  • Wall Street Sees the Stock as Deeply Undervalued. StoneX reiterated a Buy rating and a $15.00 price target — roughly 56% above Monday's close. Across four analysts polled by S&P Global, Kamada carries a consensus "Strong Buy" and an average target of $13. The stock trades at about 27× trailing earnings per share of $0.35 , modest for a biotech posting accelerating growth.

  • Record Earnings Give the Rally a Floor — But Seasonality Is the Risk. Q2 revenue hit $54.9 million, up 23% year-over-year — the strongest quarter in company history — while H1 revenue reached a record $100.2 million.

Management reaffirmed full-year guidance of $200–$205 million in revenue and $50–$53 million in adjusted EBITDA. The open question is whether this rabies spike is a summer anomaly or a lasting shift. Analysts warn the key watch is "whether the 17% inquiry increase translates into a sustained utilization shift through Q4." If autumn normalizes exposure rates, today's rally could prove as temporary as the headlines driving it.