BTIG analyst Kambiz Yazdi initiates coverage on Kazia Therapeutics (NASDAQ: KZIA) with a Buy rating and a price target of $34.00.

The analyst comments "Kazia Therapeutics is a clinical-stage oncology company advancing paxalisib, an oral brain-penetrant dual PI3K/mTOR inhibitor in-licensed from Genentech in 2016, across TNBC, GBM, and pediatric brain cancers. The Company is also developing NDL2 (PD-L1 degrader), MSETC (SETDB1 inhibitor), and EVT801 (VEGFR3 inhibitor) pipeline assets. We project approximately $500M in peak paxalisib sales predominantly in TNBC and initiate at BUY with a $34 price target. "

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Shares of Kazia Therapeutics closed at $14.08 yesterday.