Syros Pharmaceuticals, Inc. (SYRS) is a major developer of therapeutics for oncology and monogenic diseases. The company’s pipeline candidate includes tamibarotene tried for treating myelodysplastic syndrome and myeloid leukemia. Another lead candidate is SY-2101 is used in acute promyelocytic leukemia and SY-5609 in solid tumors.
The price of SYRS stock during the regular trading on February 2, 2022, was $1.93 with a steep dip of 6.76%. At last check in the aftermarket, the stock was up by 7.25%.
SYRS: Events and Happenings
On February 2, 2022, SYRS announced the receipt of an orphan drug designation grant by FDA to its lead candidate tamibarotene. Clinical trials are underway for the treatment of the myelodysplastic syndrome. The Phase 3 SELECT-MDS-1 studies is assessing the efficacy and safety of tamibarotene along with azacitidine. The outcomes of the study are anticipated in Q4 2023 or Q1 2024.
SYRS: CEO Comments
On January 10, 2022, SYRS updated about its product’s clinical development portfolios. Speaking at the occasion, CEO of SYRS Nancy Simonian stated that in 2022, the company is looking forward to three clinical results readouts for its candidate products. She further added that the interactions regarding the company’s Phase 3 clinical study design of SY-2101 with the FDA were also optimistic.
On November 16, 2021, SYRS’s Executive management participated in the following investor conferences.
- Piper Sandler 33rd Annual Healthcare Conference on November 23.
- JMP Securities Hematology and Oncology Summit on December 6, 2021.
SYRS: Key Financials
On November 5, 2021, SYRS released its financial results for the quarter ended September 30, 2021. Some of the highlights are as follows.
Revenue
Total Revenue recorded in Q3 2021 was $5.7 million compared to $3.8 million in the same quarter of 2020. The company beat the consensus-estimated revenue by $1.21 million.
EPS
Basic and diluted net loss per share in Q3 2021 was $26.0 million or $0.41, compared to $19.5 million or $0.43 in the same period of 2020. The EPS beat by $0.03.
On October 13, 2021, SYRS granted an award of inducement stock option to its CFO. The grant was accepted by the Board of Directors of the company.
Conclusion
SYRS stock downfall in the past few months due to financial limitations as a result of the pandemic. The company outperformed recently after its lead candidate was granted orphan drug designation by FDA. The company’s stock received a bullish rating from the financial analysts as it is gaining momentum in the market.
