Kura Oncology (KURA): Positive Phase II Data on tipifarnib - Oppenheimer
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Oppenheimer analyst, Michelle Gibson, reiterated her Outperform rating on shares of Kura Oncology (NASDAQ: KURA) after the company announced positive topline results from a Phase 2 study of tipifarnib in advanced HRAS-mutant solid tumors. In the cohort comprising patients with non-hematologic malignancies other than thyroid cancer (n=11), two PRs were observed, both in patients with head and neck squamous cell carcinomas ("H&N", n=3). Kura will now begin enrolling an additional seven patients into the cohort, per trial protocol.
The analyst stated "We view this data as validating Kura's HRAS hypothesis for tipifarnib as a single-agent to inhibit HRAS-mediated MAPK-activation. Follow-up data is expected in 2017 (potentially ASCO), and we will be looking for further clarity on HRAS' role in these tumors, including as a driver-oncogene. We note, however, that tipifarnib's mechanism in HRAS is distinct from other indications (CMML, PTCL, MDS) being evaluated".
No change to the price target of $16.00
Shares of Kura Oncology closed at $4.36 yesterday.
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