Roth Affirms Sunesis (SNSS) at 'Sell' Following Q2 Report; Risk of Restructuring Remains

Roth Capital affirms it Sell rating and $1 price target on Sunesis Pharmaceuticals (Nasdaq: SNSS) following the company's Q2 report earlier Thursday.

Analyst Joseph Pantginis noted that the financial results currently do not impact our investment case, however with a cash balance to mid-2016, we expect the company to continue to draw down from its ATM facility as it prepares for its planned MAA filing for vosaroxin in the E.U. Until then, we believe the company will be hunkered down for these preparations and be very mindful of its cash usage. At the forefront of investors' minds is the potential for a successful outcome to the MAA filing, but importantly, how the company will commercialize the drug. The pipeline assets currently have a minimal impact on cash burn based on their early stage nature. While the company tried to provide some information regarding early pipeline assets, we do not believe the Street is prepared to place value on them (SNS602 - 1Q16 clinical start / SNS229 & 510 - IND enabling studies continue).

For an analyst ratings summary and ratings history on Sunesis Pharmaceuticals Inc. click here. For more ratings news on Sunesis Pharmaceuticals Inc. click here.

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