UPDATE: Oppenheimer Raises Price Target On Curis On Aurigene Collaboration

In a report published Thursday, Oppenheimer analyst Christopher Marai reiterated an Outperform rating on

, and raised the price target from $3.00 to $5.00. In the report, Oppenheimer noted, “Wednesday, Curis announced a collaboration with Aurigene Discovery Technologies to develop small-molecule immuno-oncology (PD-L1-targeted) and precision oncology (IRAK4-targeted) therapies. We see this pipeline augmentation as both synergistic with existing pipeline (IAP inhibitor, and combo PI3K/HDAC candidates) and diversifying the company's targeted-oncology approach. We anticipate that as the full scope and synergies of the collaboration are appreciated shares of CRIS trend towards our new $5 price target.” Curis closed on Wednesday at $1.43.