Zacks Investment Research Downgrades Sunesis Pharmaceuticals (NASDAQ:SNSS) to Hold

Zacks Investment Research lowered shares of Sunesis Pharmaceuticals (NASDAQ:SNSS) from a buy rating to a hold rating in a report released on Thursday morning, Zacks.com reports.

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. “

Other equities research analysts also recently issued reports about the company. HC Wainwright cut their price target on Sunesis Pharmaceuticals from $1.00 to $0.50 and set a neutral rating on the stock in a research report on Friday, May 8th. ValuEngine upgraded Sunesis Pharmaceuticals from a hold rating to a buy rating in a research report on Friday, May 1st. Finally, Oppenheimer cut shares of Sunesis Pharmaceuticals from an outperform rating to a market perform rating in a research report on Tuesday, June 23rd. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $0.67.

SNSS stock opened at $0.30 on Thursday. The stock has a market capitalization of $33.86 million, a PE ratio of -1.22 and a beta of 1.76. Sunesis Pharmaceuticals has a 52 week low of $0.20 and a 52 week high of $1.13. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $0.36 and a 200 day moving average of $0.50.

Sunesis Pharmaceuticals (NASDAQ:SNSS) last posted its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.02. The company had revenue of $0.12 million during the quarter, compared to analysts’ expectations of $0.15 million. On average, equities research analysts expect that Sunesis Pharmaceuticals will post -0.19 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its position in shares of Sunesis Pharmaceuticals by 96.9% in the 1st quarter. BlackRock Inc. now owns 2,290,180 shares of the biopharmaceutical company’s stock valued at $950,000 after purchasing an additional 1,127,038 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in Sunesis Pharmaceuticals in the first quarter valued at $42,000. Burrage Capital Management LLC lifted its holdings in Sunesis Pharmaceuticals by 24.5% during the 1st quarter. Burrage Capital Management LLC now owns 682,586 shares of the biopharmaceutical company’s stock worth $280,000 after buying an additional 134,358 shares during the last quarter. Avidity Partners Management LP boosted its position in shares of Sunesis Pharmaceuticals by 207.9% during the 1st quarter. Avidity Partners Management LP now owns 4,310,000 shares of the biopharmaceutical company’s stock worth $1,788,000 after acquiring an additional 2,910,000 shares in the last quarter. Finally, Corriente Advisors LLC acquired a new stake in shares of Sunesis Pharmaceuticals during the 1st quarter worth about $1,254,000. Institutional investors own 60.57% of the company’s stock.

About Sunesis Pharmaceuticals

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

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