The shares of Sunesis Pharmaceuticals (SNSS), a biopharmaceutical company that aims to treat hematologic and solid cancers, have skyrocketed after the Oppenheimer analyst Hartaj Singh upgraded the stock from perform to outperform and has set a price target of $12 which points to an upside of over 230%. It last finished at $5.32, fluctuating in a day’s range from $4.67 to $7.09.
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What’s Happening?
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The company’s merger partner Viracta Therapeutics announced in the last week that it had been allowed to secure a U.S patent related to its anti-cancer treatment resulted in a bullish investment into the SNSS stock. the definitive merger agreement between Sunesis Pharmaceuticals and Viracta Therapeutics occurred back in November 2020. SNSS will likely merge with Viracta in the first quarter of this year and would use the symbol VIRX after listing in the NASDAQ global market.
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The company’s management is optimistic that the Sunesis merger with Viracta will be fruitful for its stakeholders and worthwhile in prospects. Both companies are now on a mission to develop targeted treatments for the cure of cancer.
The company has not announced its fourth quarter and fiscal results of 2020 yet. In the third quarter, the company raised 12.6 million net proceeds and repaid its outstanding debt.
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Conclusion:
SNSS has gained the confidence of analysts after the bullish sentiment observed due to its merger partner Viracata’s recent announcement last week about securing a U.S patent. The company is set to release its earnings in March and is looking forward to maximizing stakeholder value through its strategic review process.