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Fly News Breaks for February 25, 2020
KURA
Feb 25, 2020 | 18:47 EDT
Piper Sandler analyst Tyler Van Buren reiterated an Overweight rating on Kura Oncology but cut his price target on the shares to $30 from $32 as "we inch closer" to a potential positive announcement with the registrational AIM-HN trial for tipifarnib in HRAS-mutated head and neck squamous cell carcinoma. Van Buren believes the existing efficacy/durability data from the ongoing RUN-HN Phase II trial indicates that AIM-HN has a "very high" probability of success, as only 15 confirmed responses are required to reject the null hypothesis. With likely about half of the 59 patients enrolled in AIM-HN and a historical 56% response rate, the analyst believes the 15 responses could be achieved soon. Van Buren noted that he has increased his expenses in the out-years, which has resulted in the slight price target decrease.
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