BTIG Starts Kura Oncology (KURA) at Buy, 'Underappreciated Sea of Opportunity'

BTIG analyst Justin Zelin initiates coverage on Kura Oncology (NASDAQ: KURA) with a Buy rating and a price target of $31.00.

The analyst comments "We are initiating coverage of Kura Oncology with a Buy rating and a $31 PT (implying ~150% upside). Kura is a clinical-stage precision oncology company with two lead programs with ample opportunity in both heme and solid tumor oncology. Ziftomenib, a menin inhibitor is on-track to compete with Syndax’s first-in-class (SNDX, Buy, $34 PT) revumenib in relapsed/refractory (r/r) Acute Myeloid Leukemia (AML) with targeted mutations. We expect menin inhibitors will readily enter the AML-treatment landscape given high rates of durable disease clearance and see adoption in combination regimens, the mainstay in front-line AML treatment. We think menin inhibitors could become the most widely prescribed targeted therapies in AML surpassing FLT3 and IDH inhibitors. Ziftomenib has shown promising Phase 1 data with clear evidence of clinical activity, differentiated pharmacological properties to revumenib and efficacy exceeding regulatory bars for approval. Kura is slated to be second to market, ~1 year behind in development, and we expect the important menin class will be sizeable enough to support multiple players with blockbuster potential for both Syndax and Kura. While investor focus has been on Ziftomenib, we expect Kura’s underappreciated Farnesyltransferase inhibitor (FTI) program will demonstrate combination proof-of-concept (POC) data in solid tumors, unlocking a large solid tumor opportunity with no competition in the class."

For an analyst ratings summary and ratings history on Kura Oncology click here. For more ratings news on Kura Oncology click here.

Shares of Kura Oncology closed at $12.66 yesterday.

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