VIRX - Viracta Therapeutics is 'an oncology diamond': Evercore ISI

Calling the company ‘an oncology diamond,’ Evercore ISI has initiated coverage on Viracta Therapeutics ([[VIRX]] +11.5%) with an outperform rating. Its lead program for the treatment of relapsed/refractory (R/R) EBV+ lymphomas underlies the firm’s thesis.The price target of $45.00 per share indicates ~460.4% upside to the previous close, and Viracta shares have gained more than a tenth in the morning hours.Arguing that the company’s regimen for EBV+ cancers is ‘highly efficacious and safe’ to address an unmet medical need, the analysts, Josh Schimmer and Maneka Mirchandaney predict a potential launch of the therapy in 2024.Noting the limited investor awareness following its reverse merger in November, the analysts think Viracta is undervalued compared to peers such as Atara Biotherapeutics ([[ATRA]] +1.6%) and AlloVir ([[ALVR]] -1.6%) which have programs targeting Epstein Barr Virus (“EBV”).

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Viracta Therapeutics is ‘an oncology diamond’: Evercore ISI