Zacks Investment Research upgraded shares of Sunesis Pharmaceuticals (NASDAQ:SNSS) from a hold rating to a strong-buy rating in a research note issued to investors on Friday morning. Zacks Investment Research currently has $1.50 price target 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 $0.04 during trading hours on Friday, reaching $1.39. The company had a trading volume of 118,756 shares, compared to its average volume of 124,660. The company has a market capitalization of $50.52 million, a PE ratio of -0.96 and a beta of 2.10. Sunesis Pharmaceuticals has a 12-month low of $1.21 and a 12-month high of $7.69.

Sunesis Pharmaceuticals (NASDAQ:SNSS) last announced its quarterly earnings results on Monday, November 5th. The biopharmaceutical company reported ($0.18) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.04. As a group, equities analysts forecast that Sunesis Pharmaceuticals will post -0.84 EPS for the current fiscal year.

A hedge fund recently raised its stake in Sunesis Pharmaceuticals stock. Millennium Management LLC increased its stake in Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) by 594.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,599 shares of the biopharmaceutical company’s stock after purchasing an additional 91,248 shares during the quarter. Millennium Management LLC owned 0.31% of Sunesis Pharmaceuticals worth $290,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 43.83% 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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