Thursday, December 10, 2009

Exponential Volume Alert in Sunesis (SNSS)

Sunesis Pharmaceuticals Inc. (NASDAQ: SNSS) is seeing an explosion in trading volume today.  What needs to be remembered here is that this is a micro-cap penny stock….. The $0.795 price at 11:30 AM EST is after a 32.5% gain in the share price, and its market cap is $27.3 million.  Trading volume is over 4 million shares and average volume is about 600,000 shares.  Today’s gain is after a large gain on Tuesday based upon positive Phase II study data in its leukemia trials. On Tuesday it traded north of 10 million shares.  This stock has no options and its 52-week trading range is $0.05 to $0.90.  At the end of September, it held $3.87 million in cash.  Traders chase low priced biotech stocks in hope of finding the next ten-bagger.


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