Curis Inc. (NASDAQ:CRIS) announced a collaboration, license and option agreement with Aurigene focused on the development of small molecule inhibitors of immuno-oncology and precision oncology targets. In reaction to the news, analyst Joseph Pantginis of Roth Capital reiterated a Buy rating on the stock, but reduced his price target to $6 (from $10) based on shares issued to Aurigene and overall projections. 

Pantginis wrote, “We view this agreement as part of CRIS’ continuing focus on a collaborationbased asset generating model, as it continues to advance its current pipeline products. We believe these two new assets will increase visibility for CRIS as PD-L1 is a hot target currently and IRAK4 is getting traction as a valuable potential oncology target with TG Therapeutics’ recent licensing of an IRAK4 inhibitor from Ligand.” The analyst added, “While we’re looking forward to see development progress from these programs, we currently exclude them from our valuation model.”

Curis, Inc. is engaged in the research, development, and commercialization of cancer therapeutics.