Synlogic (NASDAQ:SYBX) Trading Up 32.5% After Analyst Upgrade
Synlogic, Inc. (NASDAQ:SYBX)’s share price was up 32.5% on Wednesday after Chardan Capital raised their price target on the stock from $5.00 to $10.00. Chardan Capital currently has a buy rating on the stock. Synlogic traded as high as $3.74 and last traded at $3.18. Approximately 37,646,094 shares traded hands during mid-day trading, an increase of 637% from the average daily volume of 5,111,049 shares. The stock had previously closed at $2.40.
Separately, Zacks Investment Research upgraded shares of Synlogic from a “hold” rating to a “buy” rating and set a $2.50 target price for the company in a research note on Friday, December 18th.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SYBX. Goldman Sachs Group Inc. bought a new position in Synlogic in the second quarter worth $113,000. Verition Fund Management LLC bought a new stake in Synlogic in the 2nd quarter valued at $154,000. Jane Street Group LLC acquired a new position in shares of Synlogic in the 2nd quarter valued at $157,000. Bridgeway Capital Management Inc. lifted its holdings in shares of Synlogic by 54.2% during the 2nd quarter. Bridgeway Capital Management Inc. now owns 213,400 shares of the biotechnology company’s stock worth $433,000 after acquiring an additional 75,000 shares during the period. Finally, Acadian Asset Management LLC bought a new position in shares of Synlogic during the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 44.18% of the company’s stock.
Synlogic (NASDAQ:SYBX) last released its quarterly earnings data on Thursday, November 5th. The biotechnology company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.11. Synlogic had a negative return on equity of 38.34% and a negative net margin of 2,761.83%. As a group, analysts predict that Synlogic, Inc. will post -1.84 earnings per share for the current fiscal year.
About Synlogic (NASDAQ:SYBX)
Synlogic, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of synthetic biotic medicines to treat metabolic, inflammatory, and cancer diseases in the United States. Its therapeutic programs include SYNB1618, an oral therapy that is in Phase I/IIa clinical trial to treat phenylketonuria.
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