UPDATE: Oppenheimer Initiates Coverage on Karyopharm Therapeutics with Outperform Rating, $23 PT on Novel Mechanism with Broad Applicability in Oncology

In a report published Monday, Oppenheimer analyst David Ferreiro initiated coverage on

with an Outperform rating and $23.00 price target. In the report, Oppenheimer noted, “Karyopharm Therapeutics (KPTI) is focused on the development of novel small-molecule therapeutics targeting the nuclear export protein XPO1. KPTI's lead asset Selinexor has demonstrated anti-cancer activity across a wide variety of cancer types. The company appears on track to initiate pivotal trials for three hematological malignancies in 1H14. Of the three, we believe Selinexor's greatest potential is in elderly acute myeloid leukemia (AML), a difficult-to-treat disease with few effective therapies available. Given its novel mechanism, we see broad potential for Selinexor across multiple cancer indications (including solid tumors), as well as potential for combination with other targeted therapies. We are initiating coverage with an Outperform rating, and a price target of $23.” Karyopharm Therapeutics closed on Friday at $16.29.