Synlogic, Inc. (NASDAQ:SYBX)’s share price shot 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. 37,646,094 shares changed hands during trading, an increase of 637% from the average session volume of 5,111,049 shares. The stock had previously closed at $2.40.
Separately, Zacks Investment Research raised shares of Synlogic from a “hold” rating to a “buy” rating and set a $2.50 price target for the company in a research note on Friday, December 18th.
A number of hedge funds have recently modified their holdings of SYBX. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Synlogic during the third quarter valued at approximately $40,000. Acadian Asset Management LLC purchased a new stake in Synlogic in the third quarter valued at about $45,000. Goldman Sachs Group Inc. purchased a new stake in Synlogic in the second quarter valued at about $113,000. Verition Fund Management LLC purchased a new position in shares of Synlogic in the second quarter worth about $154,000. Finally, Jane Street Group LLC purchased a new position in shares of Synlogic in the second quarter worth about $157,000. 44.18% of the stock is currently owned by institutional investors.
Synlogic (NASDAQ:SYBX) last posted its earnings results on Thursday, November 5th. The biotechnology company reported ($0.36) EPS for the quarter, topping the consensus estimate 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%. Sell-side analysts predict that Synlogic, Inc. will post -1.84 EPS for the current fiscal year.
Synlogic Company Profile (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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