Kezar Life Sciences Inc KZR shares are surging Tuesday after the company announced topline results from the MISSION Phase 2 clinical trial evaluating zetomipzomib.
Zetomipzomib is a novel, first-in-class, selective immunoproteasome inhibitor with broad therapeutic potential across multiple autoimmune diseases.
"The MISSION Phase 2 topline results show a clinically meaningful overall renal response to zetomipzomib after 6 months, without high-dose induction therapy. Patients in the trial also experienced reductions in extra-renal manifestations of lupus," said Noreen Henig, chief medical officer of Kezar.
Following the announcement, Wells Fargo analyst Derek Archila maintained Kezar with an Overweight rating and raised the price target from $13 to $17.
Kezar is a clinical-stage biopharmaceutical company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders.
KZR Price Action: Kezar has traded between $18.55 and $4.30 over a 52-week period.
The stock was up 84.8% at $10.67 at press time, according to data from Benzinga Pro.
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