Wedbush starts iKena Oncology at Outperform with positive outlook on pipeline

Wedbush initiated coverage of iKena Oncology (IKNA) with an Outperform rating and $11 price target. The firm is positive on the company’s oncology focused pipeline, stating that its lead asset IK-930 is a selective inhibitor of the transcriptional enhanced associate domain with a recently validated target in the hippo signaling pathway that currently has limited competition. IK-930 is currently in a Phase 1 monotherapy study in patients with hippo-altered cancers, and topline data from the study is expected in Q4 of this year, the firm adds. Wedbush further cites iKena’s collaboration with Bristol Myers (BMY) for IK-175, an aryl hydrocarbon receptor inhibitor, which is currently being evaluated in a Phase 1 dose expansion monotherapy study in bladder cancer.