KURA - Kura Oncology stock jumped another 20% on Tuesday: here's why

2024-01-30 08:41:38 ET

Kura Oncology Inc (NASDAQ: KURA) rallied close to 20% this morning after reporting positive preliminary data for a Phase 1 study of its Ziftomenib “in combination with standards of care”.

Ziftomenib trial pushes Kura Oncology stock up

The dose-escalation trial studied the combination in patients of acute myeloid leukemia.

Newly diagnosed patients who received Ziftomenib and Cytarabine/Daunorubicin (7+3) as treatment achieved CR (complete remission) rate of 100%. Amer Zeidan – the lead investigator of KOMET-007 study said in a press release today:

Ziftomenib demonstrates an encouraging safety and tolerability profile in combination with 7+3 and ven/aza, enabling continuous administration while mitigating risk of differentiation syndrome.

The news arrives just weeks before the Nasdaq listed firm is scheduled to report its Q4 financial results. Kura Oncology stock has gained over 50% in recent days.

Kura Oncology recently executed a share sale

Earlier in January, Kura Oncology raised $150 million as it sold shares and warrants to Suvretta Capital, Deerfield Management, and other institutional investors. According to its CEO Troy Wilson:

We remain in a strong financial position with cash runway expected into 2027, which enables us to invest in R&D and pre-commercial activities to maximise value of Ziftomenib and other assets.

On Tuesday, the biotech firm also confirmed that enrollment for the 400 mg dose of Ziftomenib is ongoing now that its 200 mg dose has been cleared.

Wall Street sees upside in Kura Oncology to $27 on average. That suggests about a 30% upside from here.

The post Kura Oncology stock jumped another 20% on Tuesday: here’s why appeared first on Invezz