Syros (SYRS) Stock Surges 200% in 3 Months: Here's Why
Syros Pharmaceuticals, Inc. SYRS shares have skyrocketed 200% in the past three months compared with the industry’s rise of 13.1%.
This clinical-stage company is developing its pipeline candidate, tamibarotene, an oral, selective, retinoic acid receptor alpha or RARα agonist as a frontline treatment of acute myeloid leukemia (AML) and higher-risk myelodysplastic syndrome (HR-MDS).
Earlier this month, the company outlined key strategic priorities for 2024 related to the development of tamibarotene and issued a guidance.
The SELECT-AML-1 study is evaluating tamibarotene in combination with venetoclax and azacitidine in newly diagnosed, unfit patients with AML and RARA gene overexpression.
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Last month, the company announced positive initial data from the SELECT-AML-1 study. The primary endpoint of the study is to check the complete response rate (CR)/complete response with incomplete hematologic recovery (Cri).
Initial data from the study showed that patients treated with the combination of tamibarotene plus venetoclax and azacytidine had a 100% CR/CRi rate compared with 70% of the patients who were treated with venetoclax and azacytidine alone. This could have been one of the factors driving the stock price in the above mentioned time period.
Additional data from the SELECT-AML-1 study is expected later in 2024.
Meanwhile, the phase III SELECT-MDS-1 study is investigating tamibarotene in combination with azacitidine in patients with HR-MDS. Enrollment in the study is expected to be completed in the first quarter of 2024, while pivotal CR data is expected by the middle of the fourth quarter of 2024.
As part of a strategic realignment announced in October 2023, which was focused on prioritizing the development of tamibarotene, Syros stopped the clinical development of its other candidate, SY-2101, for the treatment of newly diagnosed acute promyelocytic leukemia.
The company believes that its existing cash, cash equivalents will be enough to fund its ongoing operating expenses and capital expenditure requirements through the second quarter of 2025.
Progress with the ongoing studies and successful development of tamibarotene should continue the upward momentum for Syros in 2024.
Syros Pharmaceuticals, Inc. Price
Syros Pharmaceuticals, Inc. price | Syros Pharmaceuticals, Inc. Quote
Zacks Rank & Other Stocks to Consider
Syros currently has a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the healthcare sector are Regeneron Pharmaceuticals, Inc. REGN, CytomX Therapeutics, Inc. CTMX and Puma Biotechnology, Inc. PBYI, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Regeneron’s 2024 earnings per share have improved from $41.57 to $43.96. In the past year, shares of REGN have rallied 28.8%.
Earnings of Regeneron beat estimates in each of the trailing last four quarters. REGN delivered a four-quarter average earnings surprise of 12.34%.
In the past 60 days, estimates for CytomX Therapeutics’ 2024 loss per share have narrowed from 22 cents to 6 cents. In the past year, shares of CTMX have plunged 33.3%.
CytomX Therapeutics beat estimates in three of the last four quarters while missing the same on the remaining occasion. CTMX delivered a four-quarter earnings surprise of 45.44%, on average.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 62 cents to 69 cents. In the past year, shares of PBYI have risen 16.7%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.
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