Griffin Slashes Price Target for Synthetic Biologics (SYN); Here’s Why
While Synthetic Biologics Inc (NYSEMKT:SYN) investors are waiting for phase 2 results of the company’s flagship drug SYN-004, Griffin analyst Keith Markey is out with a research note, reiterating a Buy rating, while slashing the price target to $5.75 (from $9.00), which implies an upside of 250% from current levels.
Markey explained, “We are maintaining our BUY rating on SYN shares, given the likelihood of valuation-driving news in the months ahead. But we’ve lowered our price target to $5.75 to allow additional time for clinical development of the two lead drugs.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Keith Markey has a yearly average return of -29.7% and a 17% success rate. Markey has a -19.1% average return when recommending SYN, and is ranked #3987 out of 4129 analysts.
As usual, we recommend taking analyst notes with a grain of salt. Out of the 6 analysts polled by TipRanks, 5 rate Synthetic Biologics stock a Buy, while 1 rates the stock a Hold. With a return potential of 479%, the stock’s consensus target price stands at $9.50.