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Friday, November 9, 2018

Kura Oncology initiated at Piper Jaffray


Kura Oncology initiated with an Overweight at Piper Jaffray. Piper Jaffray analyst Tyler Van Buren started Kura Oncology with an Overweight rating and $25 price target. While the shares have pulled back after the response rate in the Phase II trial of tipifarnib experienced a moderate decline, the drug still demonstrated a 50% response rate in head and neck squamous cell carcinoma patients with HRAS mutations, Van Buren tells investors in a research note. He believes these results are clinically meaningful and that tipifarnib “appears to be a promising treatment option for these patients.” Kura’s current valuation is “very reasonable” for a de-risked potential $500M-plus cancer drug, says the analyst.

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