UPDATE: Webush Initiates Coverage on Karyopharm Therapeutics with Outperform Rating, $50 PT on Selinexor Potential

In a report published Tuesday, Wedbush analyst David M. Nierengarten initiated coverage on

with an Outperform rating and $50.00 price target. In the report, Wedbush noted, “KPTI's lead product, Selinexor (KPT-330), is a first-in-class oral nuclear export inhibitor that has demonstrated activity in a wide variety of cancers. Selinexor targets XPO1, which is overexpressed in various cancer types and is associated with poor prognosis and resistance to chemotherapy. Given its novel mechanism, we see broad potential for Selinexor across multiple cancer indications. The company is on track to have five registration studies running by early 2015 across various hematological and solid tumor settings. In addition to an ongoing Phase II SOPRA study in relapsed/refractory AML patients, KPTI intends to start pivotal studies in relapsed/refractory DLBCL and Richter's transformation by the end of the year. KPTI also intends to start two additional registration studies in late 2014/early 2015 in undisclosed indications, including a solid tumor setting.” Karyopharm Therapeutics closed on Monday at $32.59.