Oppenheimer analyst Leah R. Cann maintained a Buy rating on Kura Oncology (KURA) today and set a price target of $32. The company’s shares closed yesterday at $11.57, close to its 52-week low of $10.20.
Cann observed:
“We believe the issuance of this patent is very important to Kura Oncology. Having patent protection for tipifarnib though 2037 in two hematologic settings, along with protection through 2036 in the head and neck setting, gives the company pricing strength for the potential drug, as well as optionality strategically. Tipifarnib is the only revenue contributor to product sales in our model at this time. We view this patent as very positive for Kura and supportive of our outlook. We anticipate tipifarnib will launch in 2020 and grow to $1.85 billion in sales by 2022.”
According to TipRanks.com, Cann is a 3-star analyst with an average return of 1.8% and a 41.0% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Kura Oncology has an analyst consensus of Strong Buy, with a price target consensus of $31.50.
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Based on Kura Oncology’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $15.01 million. In comparison, last year the company had a GAAP net loss of $9.33 million.
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Kura Oncology, Inc. operates as a clinical-stage biopharmaceutical company which engages in the research and development of medicines for the treatment of cancer. Its pipeline includes Tipifarnib which is a Farnesyl transferase inhibitor for HRAS Mutant Solid Tumors, Chronic Myelomonocytic Leukemia; KO-947 which is an ERK inhibitor for MAPK Pathway Tumors; and KO-539 which is a Menin MLL inhibitor for acute leukemias. The company was founded by Troy E. Wilson, Yi Liu, Pingda Ren and Antonio Gualberto on August 22, 2014 and is headquartered in La Jolla, CA.
