Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) announced that it has filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a 1-for-6 reverse stock split, effective as of 5:00 p.m. Eastern Time today. The reverse stock split was effected by Sunesis in accordance with the authorization, and within the split ratio range, adopted by Sunesis stockholders at the 2016 Annual Meeting of Stockholders held on June 7, 2016.
The reverse stock split is intended to enable Sunesis to regain compliance with the $1.00 minimum bid price required for continued listing on the NASDAQ Capital Market and help increase shareholder interest in our stock.
“With significant progress being made in our vosaroxin program and proprietary non-covalent BTK kinase inhibitor SNS-062, we determined that a reverse stock split is timely,” stated Daniel Swisher, Chief Executive Officer of Sunesis. “Potential upcoming corporate milestones include achieving a marketing approval decision for vosaroxin in Europe and entering into a European collaboration, as well as presenting results from our Phase 1A study of SNS-062 and advancing this program into a Phase 1B/2 study of patients with B-cell malignancies.” (Original Source)
Shares of Sunesis Pharmaceuticals are currently trading at $0.77, down $0.036 or -4.49%. SNSS has a 1-year high of $1.25 and a 1-year low of $0.44. The stock’s 50-day moving average is $0.69 and its 200-day moving average is $0.59.
On the ratings front, Sunesis has been the subject of a number of recent research reports. In a report issued on August 17, Cantor Fitzgerald analyst Mara Goldstein reiterated a Buy rating on SNSS. Separately, on July 29, Cowen’s Eric Schmidt reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mara Goldstein and Eric Schmidt have a total average return of -2.3% and 21.2% respectively. Goldstein has a success rate of 37% and is ranked #3618 out of 4147 analysts, while Schmidt has a success rate of 53% and is ranked #73.
Sunesis Pharmaceuticals, Inc. operates as a biopharmaceutical company. It engages in development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. Its efforts are currently focused primarily on the development of vosaroxin for the treatment of acute myeloid leukemia. The company’s primary 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.