Zura Bio initiated with an Outperform at Oppenheimer

Oppenheimer analyst Justin Kim initiated coverage of Zura Bio with an Outperform rating and $17 price target. With a focus on Phase 2-ready asset ZB-106, also known as tibulizumab, the firm sees Zura having two emerging clinical pipeline programs for hidradenitis suppurativa, or HS, and systemic sclerosis, or SSc, the analyst tells investors. The firm is “intrigued” by tibulizumab’s potential to uniquely address HS, where the market opportunity for next generation IL-17 therapies is “continuing to be better appreciated by the Street,” the analyst added.