Drug Data Drives Kura Oncology Inc (KURA) Sharply Higher

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

by Alex Eppstein

Published on Aug 11, 2016 at 11:08 AM

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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