On Thursday, Oppenheimer raised the price target on Zura Bio Ltd. (NASDAQ: ZURA) to $21 from $16, while maintaining an Outperform rating on the company's stock. This adjustment follows the biotechnology firm's first quarter financial report and the recent developments regarding their lead drug candidate, tibulizumab.
Zura Bio reported their first quarter results for the fiscal year 2024, which included a detailed update on the progression of tibulizumab for various medical uses. The company's financial position appears robust, having secured approximately $112 million in gross proceeds from a funding round in April, and reporting an ending cash balance of $89.8 million for the quarter.
The funds raised are expected to sustain the company's operations through 2027, according to the current projections. This financial stability has played a significant role in the analyst's decision to raise the price target for Zura Bio.
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