Sunesis Pharmaceuticals (NASDAQ:SNSS) is up more than 20% in trading today after analysts at Oppenheimer upgraded the stock to “outperform.” Those analysts set a price target for SNSS stock of $12, which implies greater than 200% upside in the stock from current valuations.
Today’s bullish upgrade comes after news last week that SNSS merger partner Viracta was set to secure a U.S. patent related to one of that company’s anti-cancer treatments. That news was likewise met with bullish investment into SNSS stock, much the same as the initial merger announcement back in November.
The merger between the two companies is expected to close in the first quarter of this year and the combined entity Viracta Therapeutics will trade on the Nasdaq under the ticker VIRX.
Both Sunesis Pharmaceuticals and Viracta work to produce oncology treatments to combat cancer. At the time of writing, SNSS trading volume was dramatically up, with more than 44.5 million trades on the day compared with an average daily volume of less than 1.3 million trades.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.