Kura Oncology (KURA) shares soared more than 41% on Thursday and have gained more than 68% in the last three trading sessions. This move in KURA had been coming though. I had noted in a recent article that the stock was trading below cash despite having multiple shots on goal with its pipeline.

KURA's pipeline includes Tipifarnib, which is being developed for multiple indications. Tipifarnib is currently in Phase II trial for HRAS Mutant Solid Tumors and Peripheral T-Cell Lymphoma. It is currently in Phase 1 trial for Myelodysplastic Syndromes. The company also has two other product candidates, which are currently in pre-clinical stage. Tipifarnib has been studied in more than 5,000 patients and has demonstrated anti-cancer activity in certain patient subsets and a well-established safety profile.

Despite the surge, KURA still looks attractive in terms of valuation. The stock is still trading well below the consensus price target of $16.25.