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SNSS - Why Sunesis Pharmaceuticals Stock Is Sinking Today
Viracta Therapeutics Inc Com
Shares of Sunesis Pharmaceuticals(NASDAQ: SNSS) are sinking today, down 10.4% as of 11:35 a.m. EDT after falling as much as 19.3% earlier in the session. The decline stemmed from the company's announcement on Wednesday evening that it planned to conduct a 1-for-10 reverse stock split.
Reverse stock splits don't negatively impact investors. They just reduce the number of shares held while pumping up the value of each share. So why did the small biotech stock fall today? Well, reverse splits are never a good sign for a company.