Oppenheimer Maintains Their Buy Rating on Syros Pharmaceuticals

By Austin Angelo

Oppenheimer analyst Leah R. Cann maintained a Buy rating on Syros Pharmaceuticals (NASDAQ: SYRS) today and set a price target of $28. The company’s shares opened today at $12.12.

Cann said:

“For 2018 we have adjusted revenue to account for a $10 million upfront payment being carried on the balance sheet rather than being recognized as revenue this year; and we are fine-tuning estimated operating expenses and estimated shares outstanding. As a result, our estimated loss per share is being increased to $2.04 from our prior estimated loss of $1.81. Our estimated revenue and net income for 2019-22 is unchanged. Estimated loss per share is being increased by $0.01 per year in years 2019 and 2020 as a result of slightly reduced estimated shares outstanding.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 10.5% and a 51.7% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.

Syros Pharmaceuticals has an analyst consensus of Moderate Buy, with a price target consensus of $19.

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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 $15.3 million. In comparison, last year the company had a GAAP net loss of $11.52 million.

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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 analyze unexploited region of DNA in human disease tissue to identify and drug novel targets linked to genomically defined patient populations.