Syros Pharmaceuticals assumed with an Outperform at Oppenheimer
Oppenheimer analyst Mark Breidenbach assumed coverage of Syros Pharmaceuticals with an Outperform rating and a $13 price target. The analyst believes the company's lead program, SY-1425, has demonstrated compelling clinical proof-of-concept in a biomarker-defined population of acute myeloid leukemia 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, he contends. Nonetheless, Breidenbach sees SY-1425 + azacitidine as a promising combination therapy in AML and expects the company to announce updated development plans in early 2019.