Kura Oncology price target raised to $36 from $34 at Wedbush

Wedbush analyst Robert Driscoll raised the firm’s price target on Kura Oncology (KURA) to $36 from $34 and keeps an Outperform rating on the shares. The company announced the KOMET-001 Phase 2 registration-directed study of its menin inhibitor ziftomenib in patients with NPM1-mutated acute myeloid leukemia achieved its primary endpoint and the primary endpoint was statistically significant, the analyst tells investors in a research note. The firm says that while it awaits topline results from KOMET-001, and additional KOMET-007 data in Q2 to further refine its expectations on market positioning versus the competition, it continues to believe ziftomenib holds a potentially best-in-class profile, with Johnson & Johnson’s (JNJ) bleximenib likely being the primary competitor. Kura remains undervalued, given the broad potential of ziftomenib in AML, and “patient investors will be rewarded,” contends Wedbush.