Fly News Breaks for December 18, 2019
Dec 18, 2019 | 11:41 EDT
Piper Jaffray analyst Edward Tenthoff reiterated his Overweight rating and $18 price target on Syros Pharmaceuticals (SYRS) after the company announced a partnership with Global Blood Therapeutics (GBT) to develop novel therapies for sickle cell disease and beta thalassemia by turning on fetal hemoglobin. At ASH, Tenthoff notes that Syros unveiled nuclear factor IX, knockdown of which restored HbF to sufficient levels that provide functional cure in SCD patients, which could prove less toxic than gene editing or gene therapy approaches that currently require lymphodepletion. Syros intends to initiate a Phase I study of oral CDK7 inhibitor, SY-5609 in solid tumors Q1 and report SY-1425 combination data next year, he said. He estimates estimate Syros now holds pro forma cash of roughly $128M.
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