Synlogic Inc (NASDAQ:SYBX) Upgraded by Oppenheimer to Outperform

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Synlogic Inc (NASDAQ:SYBX), a clinical-stage company bringing the transformative potential of synthetic biology to medicine, stock fell 1.52% (As on Nov 26, 10:46:42 AM UTC-4, Source: Google Finance) after  Oppenheimer upgraded the previous rating of Perform to Outperform with a price target of $7.00. For the third quarter, Synlogic had an EPS of $0.29, compared to year-ago quarter EPS of $0.36. The stock has a 52-week-high of $5.11 and a 52-week-low of $2.07. The company has said it plans to advance one of the two phenylketonuria candidates in 2H 2022. In September, Synlogic completed an underwritten public offering of 17.3 million shares, resulting in net proceeds to Synlogic of approximately $48.4 million. As of September 30, 2021, Synlogic had cash, cash equivalents, and short-term investments of $150.1 million. Based upon its current operating plan and balance sheet as of September 30, 2021 Synlogic expects to have sufficient cash to be able to fund operations into 2024.

Meanwhile, the company has recently announced presentation of interim data from the company’s Phase 2 SynPheny-1 clinical trial showing that treatment with the investigational Synthetic BioticTM medicine SYNB1618 resulted in significant reductions in plasma phenylalanine (Phe) levels in patients with phenylketonuria (PKU). Results were presented by Dr. Jerry Vockley, MD, PhD in a late-breaking oral presentation during the International Congress of Inborn Errors of Metabolism Meeting in Sydney, Australia. In an interim analysis of eight patients, treatment with SYNB1618 was associated with a 40% reduction in D5-Phe absorption after a meal challenge, a 20% reduction in mean fasting plasma Phe across all subjects, and a >250 µM mean reduction in fasting plasma Phe among responder subjects. Treatment with SYNB1618 was also generally well tolerated, with no serious adverse events and a tolerability profile consistent with results from previous Phase 1 studies. These strong results from the Phase 2 study of SYNB1618, along with the emerging preclinical and clinical dataset for SYNB1934 demonstrating an approximate doubling in biomarkers of Phe consumption, provide further validation of the potential for Synthetic Biotic therapies to make a meaningful impact on the lives of patients living with PKU. The company is looking forward to building on these positive interim findings with additional data from Synpheny-1 including both SYNB1618 and SYNB1934 in the first half of 2022 as the company advances the PKU program toward an expected Phase 3 study start.

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