Oppenheimer analyst Mark Breidenbach reiterated a Buy rating on Syros Pharmaceuticals (SYRS) yesterday and set a price target of $13. The company’s shares closed yesterday at $6.96.
Breidenbach said:
“Wednesday, Syros hosted a KOL breakfast in New York focusing on the therapeutic potential of cyclin-dependent kinase (CDK) inhibitors in ovarian and breast cancer. Syros provided an overview of its CDK7 programs, including SY-1365 and SY-5609, outlining a development strategy in biomarker-defined patient populations. As a monotherapy, SY-1365 showed signs of clinical activity and is currently being evaluated in dose-expansion combination therapy cohorts in specific ovarian and breast cancer settings. While our valuation primarily centers on SY-1425, which has demonstrated compelling activity in a biomarker-defined acute myeloid leukemia population, we believe SY-1365 has the potential to deliver convincing proof-of- concept in 2020. With multiple readouts expected in the next 12 months, we reiterate our Outperform rating and $13 price target.”
According to TipRanks.com, Breidenbach is a 3-star analyst with an average return of 2.7% and a 44.7% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
Currently, the analyst consensus on Syros Pharmaceuticals is a Strong Buy with an average price target of $15.80, representing a 127.0% upside. In a report issued on April 10, Piper Jaffray also reiterated a Buy rating on the stock with a $24 price target.
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Based on Syros Pharmaceuticals’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $18.03 million. In comparison, last year the company had a GAAP net loss of $14.46 million.
Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is neutral on the stock.
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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 analyse unexploited region of DNA in human disease tissue to identify and drug novel targets linked to genomically defined patient populations.
