HC Wainwright Reaffirms Buy Rating for Syros Pharmaceuticals (NASDAQ:SYRS)

Syros Pharmaceuticals (NASDAQ:SYRS)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research report issued on Friday, Benzinga reports. They currently have a $6.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 164.90% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. JMP Securities decreased their price target on shares of Syros Pharmaceuticals from $12.00 to $4.00 and set a “market outperform” rating on the stock in a report on Tuesday, August 13th. StockNews.com upgraded Syros Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, October 15th. Finally, Piper Sandler restated an “overweight” rating and set a $5.00 price target (down from $13.00) on shares of Syros Pharmaceuticals in a research note on Tuesday, August 13th.

Syros Pharmaceuticals Price Performance

SYRS stock opened at $2.27 on Friday. The stock has a market capitalization of $60.72 million, a price-to-earnings ratio of -0.75 and a beta of 1.59. The stock’s fifty day simple moving average is $1.92 and its 200-day simple moving average is $3.96. Syros Pharmaceuticals has a 52-week low of $1.43 and a 52-week high of $8.17. The company has a quick ratio of 3.46, a current ratio of 3.46 and a debt-to-equity ratio of 1.97.

Syros Pharmaceuticals (NASDAQ:SYRS) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.08. During the same period in the previous year, the firm posted ($1.35) earnings per share. Equities research analysts expect that Syros Pharmaceuticals will post -3.06 EPS for the current year.

Insider Activity at Syros Pharmaceuticals

In related news, CFO Jason Haas acquired 45,344 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were bought at an average cost of $1.68 per share, with a total value of $76,177.92. Following the completion of the transaction, the chief financial officer now directly owns 124,552 shares of the company’s stock, valued at $209,247.36. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Jason Haas purchased 45,344 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was purchased at an average price of $1.68 per share, for a total transaction of $76,177.92. Following the acquisition, the chief financial officer now directly owns 124,552 shares in the company, valued at $209,247.36. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Conley Chee acquired 50,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were purchased at an average price of $1.51 per share, for a total transaction of $75,500.00. Following the purchase, the chief executive officer now directly owns 72,504 shares of the company’s stock, valued at approximately $109,481.04. This trade represents a 200.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 130,707 shares of company stock worth $206,491. 12.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Syros Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Certuity LLC acquired a new position in shares of Syros Pharmaceuticals in the second quarter worth about $109,000. Acadian Asset Management LLC grew its position in shares of Syros Pharmaceuticals by 101.5% during the second quarter. Acadian Asset Management LLC now owns 34,578 shares of the company’s stock worth $178,000 after buying an additional 17,416 shares in the last quarter. Opaleye Management Inc. increased its stake in shares of Syros Pharmaceuticals by 119.1% in the first quarter. Opaleye Management Inc. now owns 787,545 shares of the company’s stock worth $4,213,000 after buying an additional 428,175 shares during the last quarter. Virtu Financial LLC acquired a new stake in Syros Pharmaceuticals in the first quarter valued at $64,000. Finally, Kennedy Capital Management LLC bought a new position in Syros Pharmaceuticals during the 1st quarter valued at $2,166,000. 91.47% of the stock is owned by hedge funds and other institutional investors.

About Syros Pharmaceuticals

Syros Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development of treatment for hematologic malignancies. The company's lead product candidates are Tamibarotene, a selective retinoic acid receptor alpha agonist, which is in Phase III clinical trial for genomically defined subset of patients with myelodysplastic syndrome and Phase II clinical trial for patients with acute myeloid leukemia; SY-2101, a novel oral form of arsenic trioxide for treating patients with acute promyelocytic leukemia; and SY-5609, a cyclin-dependent kinase 7 inhibitor, which is in a Phase I clinical trial in patients with select advanced solid tumors.