SNSS Stock Price Increased Over 65% Intraday: Why It Happened

By Amit Chowdhry ● Feb 24, 2021
  • The stock price of Sunesis Pharmaceuticals, Inc. (NASDAQ: SNSS) increased by over 65% during intraday trading. This is why it happened.

The stock price of Sunesis Pharmaceuticals, Inc. (NASDAQ: SNSS) increased by over 65% during intraday trading as it went from a previous close of $4.28 to a day high of $7.09. This appears to be continued momentum over the past week as the stock price nearly doubled since February 22.

One of the biggest triggers for the stock price increase has to do with Oppenheimer analyst Hartaj Singh assigning Sunesis Pharmaceuticals a “Buy” rating and a $12 price target.

On February 16, the stock price of Sunesis also started trending upwards after Viracta Therapeutics – a precision oncology company that Sunesis is merging with –  announced that the U.S. Patent and Trademark Office (USPTO) has issued a Notice of Allowance for patent application No. 16/924,082. The allowed application, titled “Methods of Treating Virally Associated Cancers with Histone Deacetylase Inhibitors,” describes the use of Viracta’s all-oral combination product candidate of nanatinostat, the company’s proprietary investigational drug, and valganciclovir.

Plus the allowed claims cover the anticipated dose regimen to be advanced in the planned global registration trial for the treatment of Epstein-Barr virus (EBV)-associated lymphoma and other lymphoproliferative disorders. Upon its grant, the resulting patent will provide protection into at least 2040.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.