Kura Oncology initiated with a Buy at Mizuho

Mizuho initiated coverage of Kura Oncology with a Buy rating and $26 price target. The company is enrolling patients into a pivotal trial of ziftomenib in relapsed/refractory NPM1-mutant acute myeloid leukemia, or AML, notes the analyst, who says monotherapy ziftomenib could be “first-in-class” in the NPM1-m population that represents 30% of AML diagnoses. The firm sees data coming in Q1 of 2024 as “a value driver” that can lift an overhang and provide visibility on the potential for ziftomenib combination treatment in AML, which would potentially expand the addressable market from $1B-plus billion to $3B-plus, the analyst tells investors.