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On Monday, H.C. Wainwright maintained a Buy rating on Kura Oncology (NASDAQ:KURA) and raised the price target to $40.00 from the previous $37.00. Trading at $9.05, the stock has seen a strong 12.7% gain over the past week, though it remains significantly below its 52-week high of $24.17. According to InvestingPro data, analyst targets range from $10 to $40, reflecting diverse views on the company’s potential. The firm’s analyst expressed optimism following Kura’s recent virtual event, which highlighted the clinical progress of ziftomenib in treating acute myeloid leukemia (AML).
During the event, Kura Oncology revealed positive topline results from the Phase 2 KOMET-001 clinical trial, which evaluated ziftomenib monotherapy in patients with relapsed/refractory NPM1-mutated AML. The trial successfully met its primary complete response (CR/CRh) endpoint with statistical significance and demonstrated a favorable benefit-risk profile, with safety and tolerability consistent with previous observations.
The complete results from the KOMET-001 study are expected to be presented at a medical meeting in the second quarter of 2025, likely at the European Hematology Association (EHA) conference in June. Kura Oncology is preparing to submit a New Drug Application (NDA) for ziftomenib for the relapsed/refractory NPM1-mutated AML population in the second quarter of 2025, following successful discussions with the FDA.
The collaboration between Kura Oncology and Kyowa Kirin, announced earlier, aims to maximize the market potential of ziftomenib, particularly in the AML setting. Despite a 9% decrease in Kura’s share price in aftermarket trading on the day of the event, compared to a 0.15% decline in the XBI biotech index, H.C. Wainwright believes that the KOMET-001 results will support a productive launch for ziftomenib, potentially in line with its competitors. With the next earnings report due on February 20, 2025, investors can access comprehensive analysis and valuation metrics through InvestingPro’s detailed research reports.
In other recent news, Kura Oncology has been making significant strides in its operations. The company recently secured a new headquarters in San Diego, a move that underscores its commitment to future growth. The new premises will house Kura’s principal executive offices and provide facilities for research and development.
Simultaneously, Kura Oncology has seen significant changes in its executive team. The company confirmed the departure of Stephen Dale, M.D., the former Chief Medical (TASE:PMCN) Officer, due to personal health challenges. In his place, the company has appointed Mollie Leoni, M.D. as the new Chief Medical Officer, and Francis Burrows, Ph.D. will assume the role of Chief Scientific Officer.
In addition to these leadership changes, Kura Oncology expanded its stock option plan, a strategic move aimed at attracting top talent by offering a competitive equity compensation package. This development follows the board’s approval of an additional 1.9 million shares of common stock for the 2023 Inducement Option Plan.
On the financial front, Stifel, a financial services firm, adjusted its outlook on Kura Oncology, reducing the price target from $18.00 to $11.00 while maintaining a Hold rating on the stock. This adjustment follows recent developments within the company, including a partnership agreement related to ziftomenib, a therapy under development.
These are the recent developments at Kura Oncology, a company that continues to advance its pipeline of targeted cancer therapies. As always, it’s important for investors to keep an eye on these developments as they unfold.
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