Sunesis Pharma (SNSS) Initiated with a Buy at Oppenheimer

By Ryan Adsit

Oppenheimer analyst Hartaj Singh initiated coverage with a Buy rating on Sunesis Pharma (SNSSResearch Report) today and set a price target of $6. The company’s shares opened today at $1.42.

Singh noted:

“Sunesis (SNSS) reported 1Q19 earnings and gave a corporate update on 05/08. As of last month, SNSS has completed the 100mg BID cohort for vecabrutinib, for which safety, efficacy, and PK/PD data will be presented at the 24th European Hematology Association (EHA) Congress on 06/13-06/16 (abstracts available at 8 a.m. ET on 05/16). SNSS is currently escalating to the 200mg BID cohort, for which SNSS will also present some preliminary safety data at EHA. We expect SNSS to finish the Phase 1b portion (dose escalation) and potentially enter Phase 2 (dose expansion) in 2019/1H20. We update our model and stay bullish on the name.”

According to TipRanks.com, Singh is a 2-star analyst with an average return of 0.7% and a 40.2% success rate. Singh covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Strongbridge Biopharma Plc, and Catabasis Pharmaceuticals.

Currently, the analyst consensus on Sunesis Pharma is a Moderate Buy with an average price target of $1.50.

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The company has a one-year high of $2.87 and a one-year low of $0.20. Currently, Sunesis Pharma has an average volume of 832.9K.

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Sunesis Pharmaceuticals, Inc. engages in the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. The firms activities include conducting research and development internally and through corporate collaborators, in-licensing and out-licensing pharmaceutical compounds and technology, conducting clinical trials and raising capital. The company was founded on February 10, 1998 and is headquartered in South San Francisco, CA.