[ad_1]
Shares of Curis Inc.
CRIS,
gained nearly 6% premarket on Friday after Truist Securities analysts initiated coverage of the cancer-focused biotech company with a buy rating.
Curis, whose lead drug candidate is cancer therapy emavusertib, is “the next Pharmacyclics,” Truist analysts led by Robyn Karnauskas wrote in a report Thursday. Pharmacyclics, maker of game-changing cancer drug Imbruvica, was acquired by AbbVie Inc.
ABBV,
for $21 billion in 2015.
The biggest opportunity for emavusertib is in chronic lymphocytic leukemia, the Truist analysts wrote. Clinical trial data expected to be released next year could show Curis “is a potential take-out target because it is in big pharma’s best interest to develop the drug early,” the analysts said.
Curis is also developing emavusertib in lymphoma, where it is focusing on a rare form of non-Hodgkin lymphoma that currently has limited treatment options. The company will release updated lymphoma clinical trial data at the American Society of Hematology’s annual meeting in early December.
The shares are “extremely undervalued,” the analysts wrote, although a significant risk is the company’s cash level. Curis reported $68.5 million in cash and investments as of September 30, which it expects to fund operations into 2025.
The analysts’ price target for Curis stock is $26. The shares have dropped 46% in the year to date, while the S&P 500
SPX
has climbed 17%.
[ad_2]
Source link