Roth Capital Partners resumed coverage of Syros Pharmaceuticals (NASDAQ:SYRS) with a “buy” rating and $17 price target. The stock was quoted at $8.49 in afternoon trading on July 12.
Syros was co-founded by ARCH Venture Partners and Flagship Venture Labs in 2011 based on the potential to develop first-in-class drugs by leveraging its discovery platform that identifies genomically defined targets that influence disease pathology.
“Progress has been slow, but now with a solid platform, multiple readouts during the second half of 2019, and a strong cash position, we believe the stock will appreciate over the next 12 months,” writes analyst Zegbeh Jallah.
Updated results for SY-1425 (tamibarotene), a first-in-class selective retinoic acid receptor alpha agonist, in combination with azacitidine in genomically defined subsets of patients with newly diagnosed acute myeloid leukemia (AML) are expected in the second half of 2019, likely at the European Society for Medical Oncology in October, Mr. Jallah said. The company also is pursuing a combination strategy in the relapsed/refractory AML setting.
Data from SY-1365, another first-in-class selective cyclin-dependent kinase inhibitor, currently in a Phase 1 high-grade serous ovarian cancer is expected in fourth quarter of 2019, like at American Society of Hematology in December, he added.
“We expect that following these updates, the company will begin to provide more clarity on the regulatory strategy, Mr. Jallah said.
