Griffin Raises Price Target for Synthetic Biologics Inc Ahead of Phase 2 Data

In a research report issued yesterday, Griffin analyst Keith Markey reiterated a Buy rating on shares of Synthetic Biologics Inc (NYSEMKT:SYN) and raised the price target to $9 (from $6.75), as he believes that SYN shares will rebound and reach new heights following the upcoming Phase 2 data announcement of a drug to prevent C. difficile infections.

Markey wrote, “Various factors may have contributed to the stock’s price weakness of late. The most obvious is a shift in sentiment away from biotech stocks. Another is that some investors may have expected a quick partnering of Trimesta to provide a nondilutive source of capital. Such a deal is still possible, but probably not imminent. And while the Company has sufficient cash to support operations comfortably into next year, a $200 million shelf registration was filed recently to prepare for a future financing as needed.”

“Synthetic has two drugs in Phase 2 trials with data due in the next six months. Licensing deals may provide upfront fees, R&D support, milestone payments, and/or royalties. Three other programs are at earlier stages of development,” the analyst added.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Keith Markey has a total average return of -23.5% and a 26.7% success rate. Markey has a 5.6% average return when recommending SYN, and is ranked #3641 out of 3741 analysts.

Out of the 3 analysts polled by TipRanks, 2 rate Synthetic Biologics stock a Buy, while 1 rates the stock a Hold. With a return potential of 193.2%, the stock’s consensus target price stands at $6.33.

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