In a report released today, Mark Breidenbach from Oppenheimer initiated coverage with a Buy rating on Syros Pharmaceuticals (SYRS) and a price target of $13. The company’s shares closed yesterday at $6.51, close to its 52-week low of $5.17.
Breidenbach wrote:
“We assume coverage of Outperform rating and $13 price target (previously $26). We believe the company’s lead program, SY-1425, has demonstrated compelling clinical proof-of-concept in a biomarker-defined population of acute myeloid leukemia (AML) patients and has an opportunity for approval in multiple therapeutic settings. However, recent changes in the AML competitive landscape, such as the approval of venetoclax, could limit uptake and prolong development timelines relative to previous estimates. Nonetheless, we see SY-1425 + azacitidine (azaC) as a promising combination therapy in AML and expect the company to announce updated development plans in early 2019. Additionally, Syros’ second clinical-stage program, SY-1365, has shown signs of clinical activity in heavily pretreated ovarian cancer that, in our view, justify continued development.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -1.5% and a 40.8% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
Syros Pharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $12.33.
See today’s analyst top recommended stocks >>
Based on Syros Pharmaceuticals’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $15.74 million. In comparison, last year the company had a GAAP net loss of $15.3 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Syros Pharmaceuticals, Inc. engages in the development of novel gene control therapies for cancer and other diseases. It has developed a proprietary platform that is designed to systematically and efficiently analyze unexploited region of DNA in human disease tissue to identify and drug novel targets linked to genomically defined patient populations.
