After holding a meeting with Synthetic Biologics Inc (NYSEMKT:SYN) management, where an update regarding the company’s clinical development programs was provided, FBR analyst Edward White reiterates an Overweight rating and $6 price target on SYN.
White wrote, “Management indicated that it expects the Phase III trial (for SYN-004) to be similar to the current Phase IIb study, with a higher number of subjects, and it could include different exploratory endpoints. Moving forward, the company still needs to review the rest of the colonization and resistance data and meet with the FDA to discuss trial design and endpoints, which we expect to take place in mid 2017. Management reaffirmed that the company remains on track to initiate the Phase III trial by year-end 2017.”
“Synthetic continues to execute on its clear development path, and we remain optimistic about the company’s progression into late-stage clinical development. The company has stated that it is looking for a partner, and we continue to believe that both products (ribaxamase and SYN-010) could prove attractive to larger pharma companies,” the analyst added
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Edward White has a yearly average return of -13.6% and a 23% success rate. White has a -39.9% average return when recommending SYN, and is ranked #4257 out of 4340 analysts.
Out of the 5 analysts polled by TipRanks, 4 rate Synthetic Biologics stock a Buy, while 1 rates the stock a Hold. With a return potential of 940%, the stock’s consensus target price stands at $8.75.