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Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) Has More Steam

On 14th November’14, BrilliantPennyStocks.com initiated coverage on SNSS. The stock moved up by 32.30% since the coverage was initiated.

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS)’s continued its rally after bout of profit booking on Wednesday. The stock closed up by 2.90%. Ever since the company announced that its abstract was accepted in late-breaking session of the 56th American Society of Hematology Annual Meeting. It brought more current to the company’s stock than its 3Q14 earnings announcement. However, the current was not sufficient to hold that uptrend for long-term. The stock spiked beyond $2.55 levels on Monday.

SNSS

A look at the chart reveals that the stock is trading above its 20-Day EMA of $1.97 and the fall in yesterday’s trading session was nothing more than profit booking. Also, it is imperative to know that the fall in stock price was on lesser volumes which is a positive sign for bulls.

Sunesis’ stock has gained approximately 107% from its 52-week low of $1 per share. The stock has delivered roughly 44% returns over the past one month.

Late-Breaking Presentation

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) will present key findings related to its Phase 3 VALOR trialonTuesday, December 9, 2014, at 08:45 a.m.  University of Texas professor, Farhad Ravandi will make the oral presentation. The trial studied vosaroxin and cytarabine in patients with relapsed or refractory AML (acute myeloid leukemia).

The American Cancer Society estimates more than 10,000 deaths from this condition in the U.S. alone during 2014. In addition, 18,860 new cases of AML are estimated during the current year.

Sunesis CEO, Daniel Swisher, said that the VALOR results demonstrated clinically significant advancement in the treatment of relapsed refractory AML. It is a condition where drug therapy has changed little in the last four decades and outcomes are generally poor.

In addition, the company will present two more studies related to phase I/II study of Vosaroxin and Decitabine and prevalence and incidence of AML. The later study estimates prevalence and incidence of AML in the U.S. to be higher than current estimates among age group 65 years or older.

Financial Highlights

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) reported $0.9 million in revenues and $13.3 million in loss from operations during 3Q14. Research and development expense amounted to $6.9 million and general and administrative expense was $7.2 million during the quarter.

Cash, cash equivalents, and marketable securities were $44.7 million as at September 30, 2014, as compared to $39.3 million as of December 31, 2013.

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