BTIG Reiterates Buy on Synthetic Biologics Inc (SYN) in the Wake of YN-010 Second Phase 2 Initiation
In a research report issued today, BTIG analyst Tim Chiang reiterated a Buy rating on shares of Synthetic Biologics Inc (NYSEMKT:SYN), with a $5 price target, after the company announced the initiation of the second Phase 2 clinical trial of its proprietary SYN-010 for the treatment of irritable bowel syndrome with constipation.
Chiang noted, “The Co. indicated that more than half of the patients that had enrolled in the first Phase 2 study have enrolled into the second Phase 2 trial, which we believe is a positive sign. We believe key endpoints include a reduction in breath methane, as well as a potential increase in bowel movements and a lowering of abdominal pain levels.”
The analyst continued, “We recently met with the management team in NYC, and believe the Co. is making progress with both of its lead product candidates (SYN-010 and SYN-004 (a 2nd generation oral enzyme for the prevention of C. difficile infection and antibiotic-associated diarrhea. SYN recently initiated a Phase 2b proof of concept trial and has targeted the enrollment of ~370 patients.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Tim Chiang has a total average return of 15.3% and a 65.7% success rate. Chiang has a -7.0% average return when recommending SYN, and is ranked #431 out of 3772 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 179.7%, the stock’s consensus target price stands at $6.60.