Sunesis Pharmaceuticals Earnings: Here’s Why Investors are Buying Shares Now
Sunesis Pharmaceuticals Inc. (NASDAQ:SNSS) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.14%.
Sunesis Pharmaceuticals Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.2 in the quarter versus EPS of $-0.19 in the year-earlier quarter.
Revenue: Decreased 0% to $1.98 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Sunesis Pharmaceuticals Inc. reported adjusted EPS loss of $0.2 per share. By that measure, the company missed the mean analyst estimate of $-0.19. It beat the average revenue estimate of $0.
Quoting Management: “Last year was a transformational year for Sunesis, one which brought us several steps closer to realizing vosaroxin’s potential as a new treatment standard in AML,” said Daniel Swisher, Chief Executive Officer of Sunesis. “We continue to make progress with the VALOR trial, which has now enrolled 563 patients, and remain on track to both complete the target enrollment of approximately 675 patients in 2013 and unblind the study and announce top-line results in the first half of 2014. With a strong balance sheet, Sunesis is well funded to conduct VALOR through to data read-out and to prepare for the corresponding regulatory and pre-launch activities for vosaroxin.”
Mr. Swisher added: “While VALOR moves towards completion, we continue to support the important progress in the NCRI-sponsored LI-1 Phase 2/3 trial and in our kinase inhibitor collaborations with Biogen Idec and Millennium Pharmaceuticals.”
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