Oppenheimer analyst Hartaj Singh maintained a Buy rating on Sunesis Pharma (NASDAQ: SNSS) yesterday and set a price target of $7. The company’s shares closed yesterday at $2.64, close to its 52-week low of $1.82.
Singh commented:
“Sunesis (SNSS) reported 1Q18 sales/earnings and provided a business update to investors this afternoon. After a momentary hiccup in the Phase 1b/2 clinical trial timelines for vecabrutinib in March 2018, the company reiterated its goal of achieving a recommended Phase 2 does (RP2D) this fall and presenting data from the dose escalation portion of the vecabrutinib clinical trial at a major medical conference later in 2018. Our conviction on the potential of vecabrutinib is underpinned by (1) the SNSS management team sticking to its 2H18 timelines and (2) recruiting additional centers for both the 2 portions of the trials. We stay bullish.”
According to TipRanks.com, Singh is a 5-star analyst with an average return of 19.8% and a 53.6% success rate. Singh covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Catabasis Pharmaceuticals.
Sunesis Pharma has an analyst consensus of Moderate Buy, with a price target consensus of $4.
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The company has a one-year high of $7.69 and a one-year low of $1.82. Currently, Sunesis Pharma has an average volume of 297K.
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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.
