Analyst Jason Butler from JMP Securities reiterated a Buy rating on Syros Pharmaceuticals (SYRS – Research Report) and keeping the price target at $12.00.
Jason Butler has given his Buy rating due to a combination of factors surrounding Syros Pharmaceuticals’ progress and potential. The pharmaceutical company has demonstrated significant advancements in its clinical trials, particularly with its drug tamibarotene, which is in Phase 3 trials for myelodysplastic syndrome (MDS) and has also shown promise in the treatment of acute myeloid leukemia (AML). The successful interim futility analysis of the primary endpoint in the MDS trial, along with the absence of safety concerns, supports the positive outlook. This, in tandem with the expected release of further data on AML in the near future, underpins the analyst’s confidence in the stock.
Furthermore, the Fast Track Designation (FTD) granted by the FDA for tamibarotene in AML cases adds to the favorable prognosis of the drug’s pathway to market. Butler also notes the company’s proactive steps towards commercial launch readiness, enhancing its market position prior to the anticipated clinical results in the second half of 2024. The financial health of Syros, as depicted by its cash reserves, which are projected to fund operations well into the next year, further solidifies the rationale behind the Buy rating. Overall, Butler’s assessment encapsulates both the clinical and operational strides made by Syros Pharmaceuticals, painting a robust picture of its potential for growth and success in the market.
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Syros Pharmaceuticals (SYRS) Company Description:
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. The firm focuses on developing treatments for cancer and immune mediated diseases and is building a pipeline of gene control medicines. The company was founded by Richard A. Young, Nathanael S. Gray and James E. Bradner on November 9, 2011 and is headquartered in Cambridge, MA.
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