In a research report published Friday, Wedbush analyst David Nierengarten maintained a Neutral rating on Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) with a $2.00 price target, after the company announced additional results of the VALOR trial, a Phase 3 study of vosaroxin and cytarabine in adult patients with relapsed or refractory acute myeloid leukemia (AML) at the acute myeloid leukemia (AML) poster session of the 20th Congress of the European Hematology Association (EHA).
Nierengarten noted, “The data reinforces that vosaroxin has a potential treatment role for AML, but regulatory outlook remains murky. SNSS is meeting with regulatory authorities in the US and EU mid-year to discuss the path forward for vosaroxin, which missed the primary endpoint in VALOR but did show statistically significant benefits in OS and CR rates in the elderly subpopulation (n=451). We expect pushback from the FDA, which has historically rebuffed efforts to gain drug approval based on subset data.”
Bottom line: “We believe this recent dataset, which shows that a survival benefit was not broadly seen in elderly AML patients across disease status, further complicates these efforts. We are more positive on vosaroxin’s chances in the EU, where the EMA has shown greater flexibility in approving drugs based on subgroup analysis.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Nierengarten has a total average return of 56.9% and a 65.0% success rate. Nierengarten has a 4.8% average return when recommending SNSS, and is ranked #9 out of 3623 analysts.
Out of the 7 analysts polled by TipRanks, 5 rate Sunesis stock a Buy, while 2 rate the stock a Hold. With a return potential of 107.5%, the stock’s consensus target price stands at $5.42.