Drug Data Drives Kura Oncology Inc (KURA) Sharply Higher

Kura Oncology Inc (KURA) is on track for its highest settlement since January

Aug 11, 2016 at 11:08 AM
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What a day it's been for Kura Oncology Inc (NASDAQ:KURA). Shares of the drugmaker have exploded to a nearly 32% lead at $5.75, on the back of a narrower-than-expected quarterly loss and upbeat drug data. Specifically, a mid-stage trial revealed KURA's cancer treatment tipifarnib produced "positive clinical activity, including objective responses."

Suffice it to say, a recent crop of bearish bettors may be left kicking rocks. Specifically, short interest nearly doubled during the most recent reporting period -- and is now docked at a record high. A capitulation among these skeptics could further fuel KURA's run higher.

Meanwhile, analyst optimism is being vindicated. Both of the brokerage firms tracking KURA rate it a "strong buy." Plus, the stock's consensus 12-month price target of $16.25 almost triples current levels, and sits in territory not charted since early November.

Despite being on pace for its highest daily finish since January, Kura Oncology Inc (NASDAQ:KURA) remains a long-term laggard. Since topping out at a record $25, the stock has lost more than three-quarters of its value.

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