Synthetic Biologics Inc (NYSEMKT:SYN), a clinical-stage company focused on developing therapeutics to protect the microbiome while targeting pathogen-specific diseases, today announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares in the offering are to be sold by Synthetic Biologics. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the share amount sold to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
William Blair & Company, L.L.C. and RBC Capital Markets, L.L.C. are the joint book-running managers for the offering. BTIG, L.L.C. is serving as co-manager for the offering.
Synthetic Biologics anticipates using the net proceeds from the offering to fund its clinical programs including Phase 2 clinical candidates, SYN-004 for the prevention of C. difficile and SYN-010 for the treatment of irritable bowel syndrome with constipation (IBS-C), research & development, potential licensing and acquisition of intellectual property, investments in and acquisition of complementary businesses or partnerships, and for general corporate purposes. (Original Source)
Shares of Synthetic Biologics closed today at $3.75, down $0.25 or 6.25%. SYN has a 1-year high of $4.32 and a 1-year low of $1.32. The stock’s 50-day moving average is $2.62 and its 200-day moving average is $2.21.
On the ratings front, Synthetic has been the subject of a number of recent research reports. In a report issued on June 5, William Blair analyst Jonathan Ho reiterated a Buy rating on SYN, with a price target of $12, which implies an upside of 200.0% from current levels. Separately, on June 4, H.C. Wainwright’s Andrew Fein maintained a Buy rating on the stock and has a price target of $4.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Ho and Andrew Fein have a total average return of 25.0% and 30.0% respectively. Ho has a success rate of 73.1% and is ranked #370 out of 3708 analysts, while Fein has a success rate of 68.5% and is ranked #61.
Synthetic Biologics Inc is a biotechnology company focused on the development of novel anti-infective biologic and drug candidates targeting specific pathogens that cause serious infections and other diseases.