Kura Oncology price target lowered to $34 from $37 at Wedbush

Wedbush lowered the firm’s price target on Kura Oncology (KURA) to $34 from $37 and keeps an Outperform rating on the shares. The company entered a major development and commercialization agreement for its lead program, menin inhibitor ziftomenib, with Kyowa Kirin, the analyst tells investors in a research note. The firm says the $330M upfront payment, along with $420M in near-term milestones, provides sufficient runway for Kura to conduct pivotal frontline development and ultimately maximize the menin inhibitor opportunity across acute myeloid leukemia. Wedbush sees the pact as a good deal for Kura, allowing for “broad and aggressive” ziftomenib development at a time of required inflection to maximize commercial opportunity, and removing financing risk from the shares in the short- and medium-term “while retaining significant value.”