On Wednesday, Piper Sandler confirmed its Overweight rating on Syros Pharmaceuticals shares (NASDAQ:SYRS), with a consistent price target of $13.00. The firm's analysis follows a recent event hosted by Syros, which included discussions with key opinion leaders (KOLs) on the treatment landscape for high-risk Myelodysplastic Syndromes (HR-MDS) and the potential for tamibarotene.
Syros has completed the enrollment of 190 patients for a pivotal Phase III SELECT-MDS study, examining the efficacy of tamibarotene in combination with azacitidine compared to azacitidine alone. The primary goal of the study is to evaluate the complete response (CR) rate, which could be the basis for seeking accelerated approval from regulatory bodies.
The optimism is partly based on Phase II SELECT-AML results, where a combination of tamibarotene, venetoclax, and azacitidine showed a 100% CR/CRi (complete remission/complete remission with incomplete blood count recovery) rate in nine newly diagnosed RARα+ AML (acute myeloid leukemia) patients.
This outcome was significantly higher than the control group treated with venetoclax and azacitidine alone. The KOLs indicated that these AML results could be indicative of similar success for tamibarotene in treating HR-MDS.
Further updates on the SELECT-AML study are expected to be reported in the third quarter of 2024, with a Phase III trial of the tamibarotene combination therapy likely to commence for newly diagnosed RARα+ AML patients.
Syros's financial position appears robust, with the company reporting $108 million in cash at the end of the first quarter of 2024, sufficient to support operations into the third quarter of 2025. Piper Sandler's reiterated rating and price target reflect confidence in the ongoing and upcoming clinical trials of tamibarotene.
In other recent news, Syros Pharmaceuticals has made significant strides in the development of tamibarotene, a potential treatment for hematologic malignancies. The company completed the enrollment of 190 patients for the SELECT-MDS-1 study, with pivotal complete response data anticipated in late 2024.
The drug has received FDA Fast Track designation for high-risk myelodysplastic syndrome (HR-MDS), highlighting its potential and the unmet need for treatment in this patient population.
Despite a decrease in revenue due to the termination of a partnership with Pfizer (NYSE:PFE) and a net loss for the first quarter of 2024, Syros' financial position is expected to remain stable until the third quarter of 2025. This is due to an extended interest-only period on a loan and the potential for increased funding.
Analyst firms H.C. Wainwright, Brookline Capital Markets, and JMP Securities have all maintained a positive outlook on Syros Pharmaceuticals, with price targets of $15, $37, and $12 respectively. These are some of the recent developments at Syros Pharmaceuticals.
InvestingPro Insights
As Syros Pharmaceuticals (NASDAQ:SYRS) moves forward with its clinical trials, the financial standing and market sentiment surrounding the company provide a mixed picture. A key InvestingPro Tip notes that the company holds more cash than debt on its balance sheet, which aligns with the company's reported cash position, indicating a solid foundation for sustaining its operations in the near term. However, another InvestingPro Tip highlights that analysts remain cautious about profitability, not expecting the company to turn a profit this year.
InvestingPro Data further reveals a market capitalization of 155.02M USD, underscoring the company's relatively small size in the pharmaceutical industry. The stock's volatility is evident through a significant return over the last week of 8.61% and a strong return over the last year of 97.95%, yet it has experienced a decline of 25.55% year-to-date as of 2024. With a high Price / Book ratio of 10.3 as of the last twelve months, investors may be paying a premium for the company's assets relative to its market valuation.
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