Sunesis Pharmaceuticals (SNSS) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Sunesis Pharmaceuticals (NASDAQ:SNSS) from a hold rating to a strong-buy rating in a report issued on Wednesday morning. They currently have $2.50 target price on the biopharmaceutical company’s stock.

According to Zacks, “Sunesis Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel small molecule therapeutics for oncology and other serious diseases. It has built a broad product candidate portfolio through internal discovery and in-licensing of novel cancer therapeutics. It is advancing its product candidates through in-house research and development efforts and strategic collaborations with leading pharmaceutical and biopharmaceutical companies. “

Shares of SNSS traded up $0.03 during mid-day trading on Wednesday, reaching $1.94. 47,001 shares of the stock traded hands, compared to its average volume of 206,442. The firm has a market capitalization of $72.27 million, a P/E ratio of -1.34 and a beta of 1.84. Sunesis Pharmaceuticals has a 1 year low of $1.80 and a 1 year high of $7.69.

Sunesis Pharmaceuticals (NASDAQ:SNSS) last released its quarterly earnings results on Tuesday, August 7th. The biopharmaceutical company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. Research analysts forecast that Sunesis Pharmaceuticals will post -0.89 earnings per share for the current year.

An institutional investor recently raised its position in Sunesis Pharmaceuticals stock. Wells Fargo & Company MN lifted its stake in shares of Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) by 38.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 64,367 shares of the biopharmaceutical company’s stock after acquiring an additional 17,853 shares during the period. Wells Fargo & Company MN owned approximately 0.19% of Sunesis Pharmaceuticals worth $175,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 43.80% of the company’s stock.

Sunesis Pharmaceuticals Company Profile

Sunesis Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of oncology therapeutics for the treatment of solid and hematologic cancers. Its lead program is vecabrutinib, a non-covalently binding inhibitor of Bruton's tyrosine kinase (BTK), which is in Phase 1b/2 clinical trial in B-cell malignancies.

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