Synlogic jumps after Oppenheimer upgrades to 'outperform'

Synlogic

24/11/2021 12:30

** Shares of drugmaker  SYBX.O  jump 10.4% to $2.65
premarket
    ** Oppenheimer raises SYBX to "outperform" from "perform" on
the potential of its blood disorder therapies; assigns PT of $7
    ** Co late on Monday presented promising interim data from a
mid-stage study testing its experimental treatment, SYNB1618, in
patients with Phenylketonuria (PKU)
    ** PKU is an inherited disorder that increases phenylalanine
levels in blood, which can lead to brain damage, intellectual
disabilities and behavioral symptoms or seizures
    ** SYBX also presented data for SYNB1934, its next
generation PKU candidate, showing enhanced activity relative to
SYNB1618 in healthy volunteers
    ** Brokerage believes co's PKU candidates could become
viable alternatives to standard-of-care drugs   
    ** Expects commercial launch of SYNB1618 in 2024 with peak
non-risk adj. sales of $1.6 bln
    ** All six analysts covering the stock rate it 'buy' or
higher; median PT is $8.50 - Refinitiv data
    ** As of last close, stock up 11.11% this year

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))