The stock of Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) is now priced at $0.28 and the shares are -0.01 points down or -4.96% lower compared to its previous closing price of $0.29. The stock had 7.556 million contracts set over the past session. SNSS shares’ daily volume is compared to its average trading volume at 14.157 million shares. However, it has a float of 65.91 million and although its performance was 0.47% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the SNSS share price recently placing at $0.2761 to $0.295. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are running away from the Sunesis Pharmaceuticals, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the SNSS shares have declined. Short interest in the stock represents just 7.34% of its float, but the volume has dropped by -5170284. The volume of shorted shares dropped to 4.837 million from 10.007 million shares over the last two weeks. The average intraday trading volume has been 21.641 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) raised by $0.0013 over the week and lost -$0.021 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.13. The stock recorded its established 52-week high on 02/26/20.
Since 12/05/19, the stock has traded to a low of $0.1951 at 42.49%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.76. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Sunesis Pharmaceuticals, Inc.’s two-week RSI is 45.37. This suggests that the stock is neutral at the moment and that SNSS shares’ price movement remains stable. The stochastic readings are equally revealing at 22.88% meaning the SNSS share price is currently in overbought territory.
The technical chart shows that the SNSS stock will likely settle at between $0.29 and $0.3019 per share. However, if the stock dips below $0.2711, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2641.
Currently, the stock is trading in the green of MACD, with a reading of 0.0005. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Oppenheimer cut their recommendation for SNSS from Outperform to Perform in June 24 review. Wells Fargo analysts downgraded their recommendation of the stock from Overweight to Equal Weight while keeping its target price at $3 to $1 in a flash note released to investors on March 11. H.C. Wainwright analysts see the stock as Neutral when the analysts initiated the share price coverage on December 20.
The average rating for the SNSS equity is 3 and is currently gathering a bullish momentum. Of 4 analysts tracking Sunesis Pharmaceuticals, Inc. polled by Reuters, 4 rated SNSS as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.