Stock up on new coverage by Credit Suisse, Buy and $7 target
Credit Suisse Assumes Coverage on Sunesis Pharmaceuticals (SNSS)
Posted by Kristian Gore on Jan 15th, 2013 // No Comments
Credit Suisse assumed coverage on shares of Sunesis Pharmaceuticals (NASDAQ: SNSS) in a research note issued to investors on Tuesday. The firm issued an outperform rating and a $7.00 target price on the stock.
Separately, analysts at Wells Fargo initiated coverage on shares of Sunesis Pharmaceuticals in a research note to investors on Wednesday, December 19th. They set an outperform rating on the stock.
Sunesis Pharmaceuticals opened at 4.00 on Tuesday. Sunesis Pharmaceuticals has a 1-year low of $1.23 and a 1-year high of $6.85. The stock’s 50-day moving average is currently $4.32. The company’s market cap is $206.0 million.
Sunesis Pharmaceuticals last released its earnings data on Thursday, November 8th. The company reported ($0.37) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.11) by $0.26. The company had revenue of $0.26 million for the quarter, compared to the consensus estimate of $4.17 million. During the same quarter in 2012, the company posted ($0.11) earnings per share. The company’s revenue for the quarter was down 74.0% on a year-over-year basis. On average, analysts predict that Sunesis Pharmaceuticals will post $-1.03 earnings per share for the current fiscal year.
Sunesis Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the treatment of hematologic and solid tumor cancers.
Its a nice little story but nothing on the horizon. SNSS is getting ready to do institutional marketing with Cowen & are looking to do an offering to raise $$$----its just a matter of when & at what price. Don't be naieve to think that CSFB & Wells Fargo----neither with much of a market presence in biotech at all -- are doing this other than getting some corporate finance business to cover their overhead. I guarantee if you hit the top 50 institutional biotech accounts they would hardly know either analyst at each firm. That's just how the game is played.
Actually with regard to the offering, they've made clear that in their view they have enough cash to carry them through 2014. This doesn't mean that they won't do an offering but very likely they'll wait to do one either in 2014 or sooner if the stock spikes up to 6-7 dollars per share. i think they'd like to be opportunistic and avoid diluting when the stock is relatively low.
Unfortunately Sunesis has not advised the stock holders of this and the news wires are not covering the rating of Credit Suisse. That being said it is up .30 in pre market. Hot Dog! Let the short squeeze begin!