Syros Pharmaceuticals (SYRS) Received its Third Buy in a Row

By Jason Carr

After JMP Securities and Oppenheimer gave Syros Pharmaceuticals (NASDAQ: SYRS) a Buy rating last month, the company received another Buy, this time from Roth Capital. Analyst Jotin Marango maintained a Buy rating on Syros Pharmaceuticals today and set a price target of $12. The company’s shares opened today at $7.44, close to its 52-week low of $6.25.

Marango said:

“We believe that today’s clinical debut of the CDK7 inhibitor SY-1365 may represent a turning point for Syros. We view the dose escalation data presented favourably: so far, SY-1635 looks like a good and clean oncology drug, which now gives Syros new and material value optionality outside hematology in a wide territory of solid tumors.”

According to TipRanks.com, Marango is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -11.4% and a 23.4% success rate. Marango covers the Healthcare sector, focusing on stocks such as KalVista Pharmaceuticals Inc, Stemline Therapeutics Inc, and Cyclacel Pharmaceuticals.

Currently, the analyst consensus on Syros Pharmaceuticals is a Strong Buy with an average price target of $20.25, implying a 172.2% upside from current levels. In a report issued on November 1, Oppenheimer also assigned a Buy rating to the stock with a $26 price target.

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Based on Syros Pharmaceuticals’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $15.74 million. In comparison, last year the company had a GAAP net loss of $13.83 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.