Kura Oncology shares remain ‘significantly undervalued’: Piper Jaffray

Kura Oncology today provided evidence that tipifarnib could be active in patients with no abdominal pain and/or nodal/liver met disease, both of which are associated with high CXCL12 expression, Piper Jaffray analyst Tyler Van Buren tells investors in a research note. The analyst estimates tipifarnib’s opportunity in the HRAS-driven head and neck squamous cell carcinomas opportunity alone is worth $500M-plus in peak sales. However, with the recent data in CXCL12-driven peripheral T-cell lymphomas presented and now potentially pancreatic cancer, these estimates “could be pushed significantly higher over time,” Van Buren adds. He continues to believe Kura Oncology shares are “significantly undervalued” and keeps an Overweight rating on the name with a $25 price target.
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