In a report released yesterday, Hartaj Singh from Oppenheimer maintained a Buy rating on Sunesis Pharma (NASDAQ: SNSS), with a price target of $7. The company’s shares closed yesterday at $2.34, close to its 52-week low of $1.82.
Singh noted:
“Sunesis (SNSS) reported 2Q18 sales/earnings in line with expectations and provided a business update on 8/7. Investors are increasingly focused on the reversible BTK inhibitor space within oncology, as various academic groups in the US and the EU highlight the emergence of acquired mutations within the Bruton’s tyrosine kinase (BTK) gene at C481, the binding site for ibrutinib. We are believers in the potential of reversible BTK inhibition in oncology, both among C481S mutant BTK and wild-type BTK patients. SNSS offers a pure-play exposure to this space, and we are looking forward to more in-depth data at ASH 2018 in early December. We stay bullish on the name.”
According to TipRanks.com, Singh is a 4-star analyst with an average return of 9.9% and a 49.7% success rate. Singh covers the Healthcare sector, focusing on stocks such as Strongbridge Biopharma Plc, Syndax Pharmaceuticals Inc, and Catabasis Pharmaceuticals.
Currently, the analyst consensus on Sunesis Pharma is a Moderate Buy with an average price target of $7.
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Based on Sunesis Pharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $7.27 million. In comparison, last year the company had a GAAP net loss of $8.84 million.
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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. Its efforts are currently focused primarily on the development of vosaroxin for the treatment of acute myeloid leukemia.
