Why Cancer-Drug Developer Kura Oncology Stock Is Up

Kura Oncology, Inc. KURA shares are trading higher Tuesday after the company reported preliminary clinical data from the first 20 patients in its Komet-007 Phase 1 dose-escalation trial.

The Details:

Kura Oncology reported that all newly diagnosed patients treated with ziftomenib and 7+3 achieved a complete remission (CR) with full count recovery, for a CR rate of 100% (5/5), including four patients with NPM1-m acute myeloid leukemia (AML) and one patient with KMT2A-r AML.

“We are highly encouraged by these preliminary combination data for ziftomenib and believe they support advancement into the frontline AML population,” said Troy Wilson, Ph.D., J.D., President and Chief Executive Officer of Kura Oncology. “Given that ziftomenib targets foundational mutations at the core of up to 50% of AML cases, we are encouraged by its potential to transform treatment outcomes across the continuum of care.

According to data from Benzinga Pro, 12.57% of Kura shares are being sold short which, when combined with heavy trading volume, may be contributing to the stock’s move. More than 7.48 million shares have already been traded in the session, far surpassing the stock’s 100-day average of 1.322 million shares.

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Kura Oncology Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Kura Oncology have an average 1-year price target of $31.67, representing an expected upside of 44.09%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Kura Oncology, while 3 analysts have bullish ratings. The street high price target from Wedbush is $37, while the street low from Mizuho is $26.

KURA Price Action: According to Benzinga Pro, Kura Oncology shares are up 15% at $21.44 at the time of publication.

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