Sunesis Pharmaceuticals (SNSS) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sunesis Pharmaceuticals (NASDAQ:SNSS) from a hold rating to a buy rating in a research note published on Saturday morning. They currently have $2.50 price objective 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. “

Several other research analysts have also recently weighed in on the company. ValuEngine raised Sunesis Pharmaceuticals from a sell rating to a hold rating in a research report on Saturday, June 2nd. Cowen restated a hold rating on shares of Sunesis Pharmaceuticals in a research note on Tuesday, May 8th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Sunesis Pharmaceuticals presently has an average rating of Buy and an average price target of $4.00.

Sunesis Pharmaceuticals traded up $0.01, hitting $2.34, during midday trading on Friday, Marketbeat Ratings reports. The company’s stock had a trading volume of 164,662 shares, compared to its average volume of 126,670. Sunesis Pharmaceuticals has a 1 year low of $1.82 and a 1 year high of $7.69.

Sunesis Pharmaceuticals (NASDAQ:SNSS) last posted its quarterly earnings data on Tuesday, August 7th. The biopharmaceutical company reported ($0.20) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.04. research analysts predict that Sunesis Pharmaceuticals will post -0.92 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of SNSS. Millennium Management LLC raised its stake in shares of Sunesis Pharmaceuticals by 594.4% in the first quarter. Millennium Management LLC now owns 106,599 shares of the biopharmaceutical company’s stock valued at $290,000 after buying an additional 91,248 shares during the period. Spark Investment Management LLC bought a new stake in shares of Sunesis Pharmaceuticals in the first quarter valued at $204,000. Geode Capital Management LLC raised its stake in shares of Sunesis Pharmaceuticals by 105.2% in the fourth quarter. Geode Capital Management LLC now owns 125,489 shares of the biopharmaceutical company’s stock valued at $463,000 after buying an additional 64,343 shares during the period. Wells Fargo & Company MN raised its stake in shares of Sunesis Pharmaceuticals by 38.4% in the first quarter. Wells Fargo & Company MN now owns 64,367 shares of the biopharmaceutical company’s stock valued at $175,000 after buying an additional 17,853 shares during the period. Finally, BlackRock Inc. raised its stake in shares of Sunesis Pharmaceuticals by 9.5% in the fourth quarter. BlackRock Inc. now owns 130,573 shares of the biopharmaceutical company’s stock valued at $482,000 after buying an additional 11,351 shares during the period. Hedge funds and other institutional investors own 52.04% of the company’s stock.

About Sunesis Pharmaceuticals

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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