Cantor Fitzgerald Downgrades Sunesis Pharmaceuticals Inc. (SNSS) to Hold

Cantor Fitzgerald downgraded Sunesis Pharmaceuticals Inc. (NASDAQ: SNSS) from Buy to Hold with a price target of $2.00 (from $4.00).

Analyst Mara Goldstein commented, "We are downgrading shares of Sunesis to HOLD from BUY based on the disappointing FDA guidance that will require new clinical data to be generated before an NDA for QINPREZO can be submitted. While a European submission can occur, and Sunesis does have an early stage pipeline, we believe most of this is likely to be heavily discounted by investors amid the need for new clinical data in the U.S. and limited cash runway (mid-2016). We think the company's assets - potential QINPREZO revenue and early-stage compounds, are likely overly discounted, but without clinical clarity in the U.S. and a financing overhang, the shares are likely to be stuck. On that basis, with the shares already off substantially pre-market, our new rating is HOLD and our price target is $2 (from $4)."

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

Shares of Sunesis Pharmaceuticals Inc. closed at $3.47 yesterday.

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